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DECLASSIFIED
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority E.Q »
it
/
September 8 , 1924.
.»’i'b-n'Oi
:0i I
:o
Dear Mr. Matteson;
R eceip t Is acknowledged o f your le t t e r
o f September 6 th , addressed to Governor
C rissin g er, en closin g re p o rt o f tra n sa ction s
in Government s e c u r it ie s end bonkers accept
ances as reported t o the Open Market Invest
ment Oonsaittoe f o r the Federal Reserve System
fo r the period from August 28 to September 3,
1924, in c lu s iv e , togeth er with dntr received
by the Coranitteo from the Federal Reserve Banks*
Very tru ly yours,
(Signed) Walter L. T&d&y
Walter 1>* Eddy,
S ecretary.
Mr. W#* B. Matteson, S ecretary,
Open Market Investment Committee,
c /o Federal Reserve Bank,
Hew York, N.T.
Reproduced from the Unclassified
I Declassified Holdings of the National Archives
DECLASSIFIED
Authority £ .Q «
Fe d
er al
of
R
e s e r v e
Ba
n k
New York
Open Market Investment Committee
fo r the Federal Reserve System
September 6, 1924
CONFIDENTIAL
S i r :
Enclosed i s a rep ort o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Iferket Investment Committee for the Federal Reserve
System fo r the period from August 28 t o September 3, 1924
in c lu s iv e , tog eth er with data received by the Committee
from the Federal Reserve Banks.
R efepectfully,
V. B. Matte son
Secretary of the Committee
Honorable D. R. C rissin g er,
Governor, Federal Reserve Board,
Washington, D. C.
Enclosure
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority £ . 0 *
CONF I DE NT I A L
REPORT OF OPEN MARKET INVESTMENT COMMITTEE
WEEK ENDED SEPTEMBER 3, 1924
CON. TENTS
FEDERAL RESERVE BANK STATISTICS
Page
Comparison o f Holdings - Earning Assets - - - - - - - - - - - - -
1
Changes in Holdings - Government S e cu ritie s - - - - - - - - -
—
1
Bankers Acceptances - - - - - - - - - - - -
1
FINANCIAL CONDITIONS
Money Market - - - -
2
Security Markets
- - - - - - - - - - - - - - - - - - - - - - - - -
2
Foreign Exchange
- - - - - - - - - - - - - - - - - - - - - - - -
3
New Financing - - - - - - - - - - - - - - - - - - - - - - - - - -
3
Government Security Market
4
Bankers Acceptances
5
OPERATIONS FOR TREASURY
---------------------------- ~
SYSTEM'S SPECIAL INVESTMENT ACCOUNT
-
-
-
~ -----------------------------------
6
.............................................. .... ...............
7
TRANSACTIONS AFFECTING INVESTMENT AggO^T ALL BANKS
Government S e cu ritie s - - Bankers Acceptances
- -
- -
- -
-r--
8
8
DECLASSIFIED
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority C .0 «
COMPARISON OF HOLDINGS OF EARNING ASSETS OF FEDERAL RESERVE BANKS
________________ FROM JANUARY 30 TO SEPTEMBER 3. 1924________________
f 000 ^ t t e d )
:
- 1924 Jan. 30
Feb. 27
Mar, 26
Apr. 30
May 28
June 25
July 30
Aug. 27
Sept. 3
TOTAL
EARNING
ASSETS
G overnment
$914, 881
950,801
942, 080
873,381
850,193
826,260
824,867
855,225
915,427
$120,772
155,801
257,256
301,660
333,282
429,794
505,281
541,626
542,145
SECURITIES
BANKERS ACCEPTANCES
Sales
Purchases
Contracts
$235,930
205,022
164,947
102,800
49,869
44, 065
23, 244
48,649
58,762
BILLS
DISCOUNT®!
$35,862
58,288
37, 511
21,685
36, 891
969
1,197
640
10, 821
$522i307
531,690
482, 315
447,185
429,600
350,131
293,895
262, 560
301,949
xIncludes sa les con tra cts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
______________
DURING WEEK ENDING SEPTEMBER 3. 1924 ________________
(000 Omitted)
GOVERNMENT SECURITIES
Balance
Balance
Net
Change
Sept. 3
Boston
$ 38,241
New York
177,039
P hiladelphia
31,137
Cleveland
56,216
Richmond
.5,125
Atlanta
2,246
Chicago
75,546
St. Louis
14, 874
Minneapolis
26,957
Kansas City
31,930
Dallas
26,510
San Francisco
56.114
Total
$541,935
BANKERS ACCEPTANCES
Balance
Net
Balance
Aug. 27 Change
Sept. 3
$ 38,241
177,039
31,137
56,216
5,125
2,162
74,886
14, 874
27,195
31,717
26,510
56.114
0
0
0
0
0
84+
660+
0
238213+
0
0
' $ 4, 576
36,802
1,612
3, 024
0
732
5,613
649
273
534
1,753
_ 3,1.94
$ 4,451
33,472
785
933
0
677
4,182
7
129
130
1,985
1.898
$541,216
$7194-
$58,762
$48, 649
$
125+
•3,330*'
827+
2, 091+
0
55+
1,431 +
, 642+
144+
4044
2321.296+
•
$10,113+
COMMENT ON CHANGES FOR WEEK ENDED SEPTEMBER 3
A sharp r is e o f $60,202,000 in earning a ssets brou^it to ta l fo r the
System to the highest p oin t sin ce the week ended A pril 9, Accompanying the
firmer money con dition s b i l l s ca rried under sa le s con tracts increased $10,181,000
while acceptances purchased outright increased $10,113,000„ A fu rther r is e o f
139,389,000 in discounts and advarces brought t o t a l to the h igh est poin t sin ce
the week ended July 16.
Goverrjnert se cu rity h old in g s increased $519,000.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority £ . 0 -
-2 ~
MONEY MARKET
Following the lo s s to th is d is t r ic t during the week through the
settlem ent fund o f approximately 28 m illio n s and accompanying the usual
holiday demand fo r currency, money con d ition s in New York turned d is t in c t ly
firmer*
On Tuesday, September 3, the rate fo r stock exchange c a ll money
which had held unchanged at 2 per cent, sin ce July 8 advanced to 3 per cent*
and the turnover o f new loans was the la rg e s t sin ce liarcta.
On Wednesday,
with a return o f funds from the in t e r io r the renewal rate o f 2 l / 2 per cen t,
held unchanged throughout the day and on Thursday the rate returned to the
2 per cent, le v e l u n til sh ortly b efore the clo s e when i t advanced l / 2 per
cent,.
Call loans against b i l l s tem porarily advanced an a d d ition a l l/\ per
cen t, to 2 per cen t, but again receded to 1 3 /4 per cen t, on Thursday*
A l
though the time money market continued q u ie t, rates fo r loans up to three
months were advanced l / 4 per cent*
The market fo r commercial paper was generally q u ie t .
While the
p rev a ilin g rates were unchanged at 3 to 3 l / 4 per cent, the lower rate
ruled only on notes maturing w ithin the y ea r.
Last
Period
Call money, renewals, average
Call money, new loans, average
Time money, 61-90 days, o f f e r
Commercial paper, 4-6 months
2.13
2,23
3 - 3
3 l/4
Previ ous
Period
1/4
2.00
2.00
2 3/4-3
3
- 3 l/4
SECURITY MARKETS
Stock
Market
During the early part o f the p eriod , representative averages of
stock p rice s recovered approximately on e-h a lf o f the d eclin e from the
year*s high le v e l reached on August 20*
Following the holiday, however,
there was a su b sta n tia l increase in the amount o f s e llin g and p rice s
gen erally moved ste a d ily downward*
The Dow-Jones average
o f 20 in d u stria l
stocks on September 4 was over 2 l / 2 points below the high le v e ls fo r the
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
y e a r rea ch ed on A ugust 2 0 ,
from tfte
G en eral
Bond
Market
high l e v e l
r a i l r o a d a v e r a g e s d e c lin e d o v e r 3 p o in t s
o f A ugust 1 8 *
Bond t r a d in g was q u ie t
tio n s
and, w ith an in t e r v e n in g
fo r th e p e r i o d t o t a l e d o n ly $ 4 1 ,0 0 0 ,0 0 0
b e fo re .
h ig h er
P r ic e s were g e n e r a lly
25.
T rad in g i n
$ 6 6 ,0 0 0 ,0 0 0 th e week
high l e v e l rea ch ed
f o r e i g n government bonds was m o d e ra te ly a c t iv e
h ig h e r .
The o f f e r i n g
per c e n t , bonds o f th e Kingdom o f B elg iu m t o y i e l d
was w e ll r e c e i v e d and im m e d ia te ly went t o
F o reig n
h o lid & y , t r a n s a c
ste a d y and a v e ra g e s moved f r a c t i o n a l l y
du ring th e p e r io d and p r i c e s s l i g h t l y
6 1 /2
a g a in s t
during th e p e r io d bu t were lo w er th a n th e y e a r ’ s
on July
E.O»
F o llo w in g an advance e a r ly
o f $ 3 0 ,0 0 0 ,0 0 0
o v er 7 per cen t*
a s l i g h t premium on th e exch a n g e.
i n t h e p e r io d when th e German
Exchange
R e ic h s ta g s a n c tio n e d th e London a greem en t, European exchange r a t e s r e a c t e d
and c o n tin u e d t o
s te r lin g
d e c lin e l a t e r
On F r id a y ,
a t $ 4 * 4 5 was a p p ro x im a te ly 1 2 c e n ts b elow t h e
A ugu st I I and o f f n e a r ly
fr a n c s
i n th e w eek .
on F rid ay
6 c e n t s du ring th e week.
a t 5 * 2 3 and 4 .9 3
c e n ts w ere o f f
h igh p o in t o f
F rench and B e lg ia n
29( and 1 7 p o i n t s
s p e c tiv e ly
from a week a g o .
high p o in t
f o r t h e y e a r , th e g a in b e in g a t t r i b u t e d t o
corn and c a t t l e .
Septem ber 5 ,
The A r g e n tin e r a t e advanced t o
Canadian exchange c o n tin u e d i n
re«*
a new
heavy bu yin g o f
demand and h e ld fir m ly
at par.
Mew
N o tw ith sta n d in g th e in t e r v e n in g
h o lid a y
new bond o f f e r i n g s
fo r
F in a n cin g
th e week ended Septem ber 5 t o t a l e d $ 7 7 ,0 0 0 ,0 0 0 a g a in s t $ 7 3 ,0 0 0 ,0 0 0 o f f e r e d
la s t
week*
The g r& a te r p a rt o f th e w eek’ s fin a n c in g was a cc o u n te d fo r
by f o r e i g n i s s u e s which a g g r e g a te d about $ 5 8 ,0 0 0 ,0 0 0 *
$ 3 0 ,0 0 0 ,0 0 0
An i s s u e
of
for th e Kingdom o f B elgiu m and $ 2 6 ,0 0 0 ,0 0 0 Canadian N a tio n a l
R ailw ay 4 l / 2
p er c e n t , bonds were th e l a r g e s t s i n g l e
D om estic o f f e r i n g s o f p u b l i c u t i l i t y
s u b s ta n tia lly
and s t a t e
o ffe r in g s.
and m u n ic ip a l bonds were
s m a lle r th a n i n th e previjorus- w eek.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority £ . 0 .
—4 —
L ib e r ty
Bond
Market
T ra d in g in Government bonds was q u ie t during the p e r io d ,
tr a n s a c tio n s t o t a lin g
on ly $ 6 , 1 0 0 , 0 0 0 ,
i n any week t h i s y e a r .
h ig h er th a n th e
lo w er th an th e
in g th e e a r ly
is s u e s
n e a r ly 1 / 4
per
high r e c o r d s
On Septem ber 3 ,
from th e
3£ ousands
d e c im a ls e x p r e s s
100*24
1 0 1 .2 8
3
4
4
4
l/2 * s
l/4 * s
1 /4 * 8
l /4 * s
4 1 / 4 *s
4 1 /4 * s
1 0 0 ,2 5
1 0 1 .2 7
101.00
■ 101.00
1 0 1 .3 0
1 0 1 .2 9
1 0 4 .2 2
$f 3
had advanced
fo llo w in g
3 2 n d s:
1 0 2 ,0 0
1 0 1 .3 1
1 0 4 .2 7
*
New ¥prk
In th e
C lo s in g P r ic e s
August 27
Septem ber 3
Issu e
F ir s t
F ir s t
Second
T h ir d
F ourth '
T reasu ry
c e n t,
av erag e on A ugu st 5 .
bond s a l e s ,
reach ed dur
th e a v era g e y i e l d
per c e n t . L ib e r t y bonds a t 3 .8 7 p er
ce n t,
and f r a c t i o n a l l y
f o r 1 9 2 4 which were g e n e r a lly
Amount in
1 ,6 8 3
435
stea d y
o f th e p r e v io u s week b u t s u b s t a n t i a l l y
p a rt o f A ugu st*
summary o f L ib e r t y
418
338
1 ,4 9 5
1 ,7 8 0
s m a lle s t volum e o f t r a d in g
P r i c e s were g e n e r a ll y
c lo s i n g p r i c e s
of 4 l / 4
th e
Hign s in c e
There was a m oderate amount o f a c t i v i t y
Year 1 9 2 4
101*28
*
*
102.21
102.00
* 1 0 2 .2 3
* 1 0 3 .0 0
* 1 0 6 .4 .
date o f is s u a n c e
du ring th e week i n
M arket fo r
S h o r t-te r m
Governments
th e m arket f o r s h o r t -t e r m governm ent s e c u r i t i e s *
fir m
and f r a c t i o n a l l y
in 1 9 2 5 .
V/ith th e
h ig h er p r i n c i p a l l y
s lig h tly
lo w e r th a n th o s e
term ed i s s u e s
were v i r t u a l l y
C tfs.
o f I n d . m aturing
du ring th e l a t t e r
d e a le r s were somewhat i n c r e a s e d .
fo llo w in g t a b l e y i e l d s
were s l i g h t l y
U .S .
i n th e T reasu ry n o t e s m aturing
fir m e r money c o n d it io n s
p a r t o f th e p e r io d o f f e r i n g s t o
i n d i c a t e d i n th e
P r ic e s were g e n e r a lly
on t h e
As
s h o r te r m a t u r i t i e s
p r e v a i l i n g a week ago w h ile th e lo n g e r
unchanged:
4 to
6 months
U .S . C t f s . o f I n d , m aturing 1 0 to 12
U .S . T r e a s . N o tes m atu rin g
1 to
2
U ,S* T r e a s . N o tes m a tu rin g
2 to
3
U .S . T r e a s . N o tes m aturing
o v er 3
months
years
years
years
Septem ber 3
August 28
1 .9 1
2 .7 3
3 .1 7
1 .9 4
3 .5 6
3 .6 4
2 .88
3.22
3 .5 7
3 .6 4
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority E .O .
BANKERS ACCEPTANCES
Rates
D e a le r s ’
2 l /4
p e r c e n t.
o ffe r in g
ra te s
For 6 0 -d a y b i l l s
b i l l s m a tu rin g up to 3 0 days were
A b stra ct
o f R eports
B oston r e p o r t s
from Banks
a p p ear to be coming i n t o
amounts.
f o r 9 0 -d a y b i l l s
were unchanged a t
r a te h e ld a t 2 l / 8
p e r cen t, ,
o f f e r e d a t 2 p e r cent*
the su p p ly o f b i l l s
the m ark et d i r e c t
The demand showed no in c r e a s e
in
somewhat in c r e a s e d .
volisne but seme custom ers
the m ark et f o r months were bu yers.
3 0 -d a y b i l l s
the b e s t demand.
than f o r any p r e v io u s
th e h o lid a y .
g r e a t e r than
ly .
W h ile
th is
th e demand was m oderate
y ea r,
due l a r g e l y
Some l o c a l
the slo w n e ss in
p o r tfo lio s
d e c lin e d a c c o r d in g
the demand
b i l l s moved to the e a s t e r n m arkets
owing to
the demand.
On Thursday,
A u gu st 2 8 ,
ment t o th e p a r t i c i p a t i n g
the
open m arket,
the New York bank resumed a p p o r tio n
re s e r v e banks o f b i l l s
pu rchased o u t r i g h t
a llo t m e n t s h a v in g been te m p o r a r ily suspended on
J u ly 16 u n t i l p u rc h a se s sh o u ld be made in s u f f i c i e n t volume f o r
d is tr ib u tio n .
to
i t was s u b s t a n t i a l l y
In C h icago the su p p ly of b i l l s was m oderate w h ile
was poor.
in
pu rch ased by the d e a le r s was
r e p o r te d week
the su p p ly and d e a l e r s '
S h o rt
In New York the m arket g en e r
a l l y was q u i e t and the volume o f b i l l s
le s s
B ills
from a c c e p to r s in l a r g e r
who have n o t been in
were in
and
DECLASSIFIED
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority E.O »
- 6 ^
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
Cum ulative
S in k in g
Fund
On A u g u st 2 8 ,
a t the r e q u e s t o f
bank e f f e c t e d a p r i v a t e pu rchase
L i b e r t y Loan 4 l / 4 $
the T re a s u ry ,
o f a b lo ck o f $5 1 000, 0 0 0 T h ir d
bonds a t 101 3 l / 3 2
n e t and accru ed i n t e r e s t .
The New York bank was fu r t h e r a u t h o r iz e d
a g g r e g a te
o f $5, 000, 0 00 a d d i t i o n a l
to pu rchase up t o an
on the S to c k Exchange a t the m arket
b u t n o t over 102 n e t and a cc ru ed i n t e r e s t f o r a cc o u n t .o f
S in k in g Fund.
T h is
o rd er,
the New York
to g e t h e r w ith
o f A u gu st 26 p r e v i o u s l y r e p o rte d ,
the Cum ulative
the $5, 000, 0 00 Exchange
makes a t o t a l
a u t h o r iz a t io n
o rder
of
$10, 000, 000 to be pu rch ased on the Sto ck Exchange a g a in s t which pu r
c h a se s t o d a te,
a t p r i c e s ra n g in g fra n 101 2 9 /3 2
t o 101 3 l / 3 2 ,
have
been made a s f o l l o w s :
B oston
New York
P h ila d e lp h ia
C h icago
U nexecuted Balance
T o ta l
v lisc e lla n e o u s
|
5 0 0 , 0 00
1, 7 0 0 , 0 00
5 00, 0 0 0
5 0 0 1 000
$ 3 ,2 0 0 , 000
6. 8 0 0 . 000
$ 10 , 0 0 0 ,0 0 0
A t the r e q u e s t o f the T re a s u r y the F e d e r a l R eserve Bank o f
New York s o l d d u rin g
the week $ 20 0, 0 00 B -1 9 2 4 T r e a s u r y N otes
fo r ac
cou n t o f the D i s t r i c t o f Columbia S in k in g Fund.
Under T re a su ry a u t h o r i t y th e New York bank pu rchased dur
in g the p e r io d $1, 000, 0 00 TM -1925
c e r tific a te s
$ 1 ,5 00, 0 00 T re a su ry N o te s m a tu rin g March 1 5 ,
a cco u n t.
o f in d e b te d n e s s and
1925
f o r a s p e c ia l
r~"----------- ------------
~
—
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority
£.0.
SYSTEM SPECIAL INVESTMENT ACCOUNT
1h ere h as been no change d u r in g th e p e rio d in. th e S y stem ’ s S p e c ia l
In v estm e n t A cco u n t,
th e p u rc h a se s and t h e i r a p p ortion m en t t o a l l
F ederal
reserve
banks a g g r e g a tin g $ 4 7 3 ,1 0 5 , 0 00 a re shown -in th e -fo llo w in g t a b l e :
T reasu ry
N otes
B o sto n
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n ta
C h icago
S t , L o u is
M in n e a p o lis
K ansas C i t y
D a lla s
San F r a n c isc o
T o ta ls
C e r tific a te s of
In d e b te d n e s s
$ 2 5 ,9 7 5 ,9 0 0
1 3 3 ,0 9 1 ,7 0 0
3, 5 3 7 ,2 0 0
3 5 ,2 0 0 ,6 0 0
2 ,7 8 8 ,7 0 0
8 3 2 ,9 0 0
5 0 ,7 1 4 , 1 0 0
1 1 ,6 3 4 , 3 00
1 4 , 9 1 9 ,7 0 0
1 7 , 2 3 2 ,9 0 0
1 8 ,9 8 9 ,9 0 0
3 5 .4 3 3 . 6 0 0
I
8, 2 0 5 , 000
3 9 , 0 4 4 , 500
4 , 8 1 0 ,0 0 0
1 0 , 522, 500
9 9 5 ,5 0 0
1 6 9 , 500
1 5 , 9 7 0 ,5 0 0
2 ,6 3 9 , 500
4 ,2 6 5 , 500
5 ,0 6 4 ,5 0 0
5 ,6 8 6 ,5 0 0
1 0 . 3 8 0 . 0 00
$355* 3 5 1 . 500
1 1 0 7 .7 5 3 . 500
L i b e r t y Loan
Bonds
T o ta l
5 0 0 ,0 0 0
3 ,7 0 0 , 000
2 0 0 , 000
1 , 2 0 0 , 000
0
1 0 0 , 000
1 , 2 0 0 , 000
6 0 0 , 000
3 0 0 , 000
5 0 0 , 0 00
6 0 0 ,0 0 0
1 . 1 0 0 , 0 00
$ 3 4 ,6 8 0 , 9 0 0
1 7 5 , 8 3 6 ,2 0 0
1 3 , 5 4 7 ,2 0 0
4 6 ,9 2 3 ,1 0 0
3 ,7 8 4 ,2 0 0
1 , 1 0 2 , 4 00
6 7 , 8 84 , 6 00
1 4 , 8 7 3 , 800
1 9 , 4 8 5 , 2 00
2 2 ,7 9 7 , 400
2 5 , 2 7 6 ,4 0 0
4 6 , 9 1 3 , 600
1 1 0 ,0 0 0 ,0 0 0 '
$ 4 7 3 ,1 0 5 , 000
$
RECAPITULATION OF PURCHASES
Made By
Amount
RECAPITULATION OF PURCHASES BY MAIURIQES
Boston
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
C h icago
S t . L o u is
M in n e a p o lis
D a lla s
San F r a n c is c o
$ 1 6 ,3 9 8 , 500
3 3 9 , 9 2 7 ,7 0 0
1 3 ,2 2 9 , 500
3, 3 4 0 ,0 0 0
6 0 0 , 0 00
1 ,3 6 1 ,4 0 0
'2 8 ,2 5 0 , 0 00
5 ,2 7 1 ,9 0 0
3 ,1 2 8 , 000
7 , 0 6 9 , 000
4 . 5 2 9 . 000
| 1 2 ,7 6 0 , 5 0 0
15, 1924
9 5 , 3 9 4 , 000
15, 1924
1
1
2, 9 60 , 000
1
9
2
5
15,
4
1 ,0 4 7 ,7 0 0
June
15, 1925
33,
7 1 7 ,0 0 0
D ec.
1 5 , 1925
54,
4 5 7 , 6 OX)
March
1 5 , 1926
2
5
,1
0 1 , 000
S e p t.
1 5 , 1926
5
4
,6
2 0 , 9 00
March
1 5 , 1927
2
8,
0
4 6 , 3 00
Dec.
1 5 , 1927
Bonds
I h ir d L i b e r t y Loan
1 0. 0 0 0 , 000
S e p t. 1 5 , 1928
1 4 7 3 .1 0 5 .0 0 0
1 4 7 3 .1 0 5 ,'0Q0
T o ta ls
S e p t.
D ec.
March
Reproduced from the Unclassified
I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
— 8
£.0.
•
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
ALL FEDERAL RESERVE BANKS FROM AUGUST 28 TO SEPTEMBER 3. 1924
GOVERNMENT SECURITIES
Purchases
Issue
Issue
Sales
Held Under
Sales Contracts
B o sto n
0
-
0
-
New York
0
-
0
-
0
P h ila d e lp h ia
0
-
0
-
0
C le v e la n d
0
-
0
-
0
Ki chrnond
0
-
0
-
0
G o v 't S e c.
A t la n t a
9 8 ,3 5 0 M is c .
C h icago
6 5 9 ,4 5 0 F ourth
0
S t . L o u is
1 4 , 7 0 0 M is c .
Gov* t
Sec.
$ 1 0 ,3 5 0
0
L. L. 4 l / 4 s O'
-
0
0
-
0
-
Misc. G o v 't Sec. 7 4 2 ,7 5 0 M isc. Gov* t Sec.
0
0
-
200 ,‘000
Minneapolis
5 0 4 ,7 5 0
Kansas City
212,200 Misc. G ov't Sec.
D a lla s
0
-
0
-
0
San Francisco
0
m
m
0
—
0
T o ta ls
| 2 1 0 , 350
$ 7 5 7 , 450
$ 1 * 4 7 4 .7 5 0
BANKERS ACCEPTANCES
M aturity
Boston
31 - 60 days
61 - 90
"
Over
90
"
In o th e r
d is tr ic ts
PURCHASES
Amount
|
1 5 ,0 0 0
4 6 5 .0 0 0
1
Mew York
1 - 3 0 days
31 - 60
”
61 - 9 0
"
Over 90 ’*
6 6 ,0 0 0
1 7 3 .0 0 0
MATURITIES
Amount
Rate
2 1 /$ 2 l/Afo
2 l/4fo
2fo
-
2 l/A-i
$
5 9 4 ,0 0 0
Held Under
Sales Contracts
$3, 3 9 7 ,0 0 0
2 1 /2 #
7 1 9 .0 0 0
$ 3 , 0 9 6 , 0 00
853.000
1 ,1 5 3 ,0 00
3 9 8 .0 0 0
15.500. 000
2%
2 l/8 # - 2 3 /$
2 l /4 #
2 1/4# - 2 3 /8#
2 ,1 7 0 , 0 00
3,545,000
( 3 , 262, 000
one day
holdover
fo r d i s t r i
bution to
other F.R.
Bank s )
Reproduced from the Unclassified
I Declassified Holdings of the National Archives
DECLASSIFIED
Authority E .0 » 1 3 $ ^
ff» 9 *•
BANKERS ACCEPTANCES -
( Continued)
MATURITIES
Amount
PURCHASES
Mat u r i t v
P h ila d e lp h i a
1 - 3 0 days
3 1 -6 0
"
6 1 -9 0
"
Amount
$
R a te
20,000 2 l/8/o
201.000 2 1 / 8 % - 2 1/ 4/
751 ,0 0 0
58 .0 0 0
In o th e r
d is tr ic ts
2 l/4 /o -
2%
$
H eld Under
S a le s C o n tr a c ts
2 0 3 ,0 0 0
2 3/8%
2 l /2 /o
$1 ,0 3 0 .0 0 0
Cleveland
1 - 3 0 days
3 1 -6 0
"
6 1 -9 0 .
In o th e r
d is tr ic ts
$
158 ,0 0 0
332 ,0 0 0
7 4 5 .0 0 0
2%
1 5 4 ,0 0 0
2 l /8 /o
2 1 /4 /
1 . 010.000 2/
- 2 1 /2 %
& 2.2 4 5 .0 0 0
0
0
Richmond
12 ,000
A tla n ta
9 6 .0 0 0
In o th e r
d is tr ic ts
53 ,0 0 0
2/
l /2 /o
-
108 .0 0 0
0
( 617 ,0 0 0 Unin
do rsed b i l l s
pu rchased'
from a c c e p t
in g banks)
C hicago
6 1 -9 0
days
In o th e r
d is tr ic ts
$
5 5 0 ,0 0 0
1 .1 0 3 .0 0 0
222,000
2 1/ 4 /
2%
-
2 l/2 /o
0
£ l ,6 5 3 .0 0 0
S t . L o u is
M in n e a p o lis
K ansas C it y
D a lla s
San F ra n c isco
In o th e r
d is tr ic ts
649 ,0 0 0
2%
-
2 l/2 /o
7 ,0 0 0
In o th e r
d is tr ic ts
1 8 7 ,0 0 0
2%
-
2 l/2 /o
1 4 3 ,0 0 0
In o th e r
d is tr ic ts
4 6 6 ,0 0 0
2/
- 2 1/2/
62 ,0 0 0
In o th e r
d is tr ic ts
-18 5 ,0 0 0
2%
- 2 1/2/
717 ,0 0 0
1 - 3 0 days
3 1 -6 0
"
6 1 -9 0
"
Over 9 0
”
In o th e r
d is tr ic ts
38 ,0 0 0
208 ,0 0 0
6 0 .0 0 0
1 6 .0 0 0
1 .1 8 3 .000
2 l /8 /o
2 l /8 /o
2 1 /4 /
2 3 /8 /
2/o
-
209 ,0 0 0
2
l/2 /o
11^505^000
T o ta ls
$ 1 4 ,5 4 7 ,0 0 0
$4 ,5 3 4 ,0 0 0
$ 1 0 ,8 2 1 ,0 0 0
R e p ro d u c e d fro m th e U n c la s s ifie d / D e c la s s ifie d H o ld in g s o f th e N a tio n a l A rc h iv e s
d e c l a s s i f i e d
I Authority
(
#epfc«*§Mi|* Zt 1924.
'
'
I
' *
Swftr Mp * H itteeoiii
Reoeipt %m aoknoelodged of your letter
of kxiguAt 30 thr eddreaeed to Qmmmv
OrlBeinger, enoloain^ report of tr»f3#aati&ii#
'in Go*en»ent
and b*nkora accept
ances •• reported to the Open Market Invest
ment
for the Federal Reserve Sysfwft
for the period fro* Awftmt && to August 27,
inclusive, together with dete .renelfei
toy Hie OoMdttee f)r<Mi the Federal reeerte
benks*
?ery truly yours,
(Signed) Walter L. Eddy
Velter
Eddy,
Secretary.
Mr. 1* B. lfatteson, Secretary,
Open Meriet Investment OMdfct**,
c/o Federal Reeerre Bar*,
Hew York, H, Y,
Enclosed i s a rep ort o f tra n sa ction s in Government
;
s e c u r it ie s and bankers acceptances as reported to the Open
i
Market Investment C oooittee fo r the Federal Reserve System
f o r the p eriod from August 21 to August 27, 1924 in c lu s iv e ,
togeth er with data received by the Committee from the Federal
■i
reserve banks.
R e sp e c tfu lly ,
W. B. Matte son^*
Secretary o f the Committee
Honorable D. R. C rissin g er,
Governor, Federal Reserve Board,
Washington, D. C.
Enclosure
DECLASSIFIED
Authority £ .Q »
C O N F I D E N T I A L
REPORT OF OPEN MARKET INVESTMENT COMMITTEE
WEEK ENDED AUGUST 2 7 , 1 9 2 4
C
ONTENTS
............."—>
FEDERAL RESERVE BANK STATISTICS
Pag*
Comparison o f Holdings - Earning Assets -
1
Changes in Holdings - Government S e cu ritie s - - - - - - - -
1
Bankers Acceptances - - -
- -
- -
- -
1
CURRENT CONDITIONS
Money Market - - - - - - - - - - - - - -
-
Secu rity Markets -
2
•••#••-■*
2
Foreign Exchange
3
New Financing - - - - - - - - - - - - - - - - - - - - - - -
3
Government S ecu rity Market
Bankers Acceptances - - -
- - -
- -
- -
- -
- -
- -
- -
-
4
- -
- -
- -
- -
- -
- -
- -
-
5
- -
OPERATIONS FOR TREASURY-------- ------------- --------------------------- -----------------------5
SYSTEM* S SPECIAL INVESTMENT ACCOUNT
------------------------- -------------------- ------6
TRANSACTIONS AFFECTING INVESTMENT ACCOUNT ALL BANKS
Government S e cu ritie s Bankers Acceptances - - - - —
7
-
7
Authority £ . 0 .
1
-
COMPARISON OF HOLDINGS OF EARNING ASSETS OF FEu-,.AL RESERVE BANKS
' t 1^WT
(000 Cteitted)
TOTAL
EARNING
♦GOVERNMENT
ASSETS
SECURITIES
BANKERS ACCEPTANCES
Sales
Contracts
Purchases
BILLS
DlSCOUNtEI
-1 9 2 4 -
Jan*
Feb*
Mar*
Apr*
May
June
July
Aug*
t»
u
30
27
26
30f
28
25
30
6
13
20
27
$914,881
950,801
942,080
8*3,381
850,193
826,260
824,867
832,502
825,802
827,868
855,225
$120,772
$235,930
$35,862
155,801
205,022
58,288
257,256
164,947
37,511
21,685
102,800
301,660
36,891
333,282
49,869
44,065
969
429,794
1,197
505,281
23,244
1,136
20*961
535,517
17,305
723
540,325
7 22>884
2,840
541,110
640
48,649
DAO
541,626
*In eludes sales con tracts
$522,307
531t 690
482,315
447,185
429,600
350,131
293,895
273,638
266*199
259,284
262,560
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY 5EDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS}
. _________________DURING VBSEK ENDING AUGUST 27. 1924__________________
( 000 oc lit t e d )
GOVERNSNT SECURITIES
Net
Balance
Balance
Change
Aug. 20
Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
S t. l*ouis
Minneapolis
Kansas City
Dallas
San Francisco
Total
BANKERS ACCEPTANCES
Net
Balance
Balance
Change
Aug. 20
AU&..27
$ 38,241
177,039
31,137
56,216
5,125
2,162
74,886
14,874
27,195
31,717
26,510
56.114
$ 38,241
177,039
31,137
56,216
5,125
2,103
74,798
14,874
27,189
31,555
26,510
56.113
0
0
0
0
0
59+
38*
0
6+
152+
0
1+
$ 4,451
33,472
785
933
0
677
4,182
7
129
130
1,985
1,898
._ U S L
$2,294*
21,970+
4320
53+
1,406+
929113518747+
$541,216
$540.900
$316+
$48. 649
|22^884
$35,765+
$ 2,157
11,502
789
965
0
624
2,776
16
158
243
2,503
COMMENT ON CHANCES FOR WEEK ENDED AUGUST 27
Accompanying the s lig h t ly firm er money con d ition s o f l a s t week
earning assets o f a l l reserve banks increased $27,357,000 during the week
are at the highest p oin t since the week ended July 2.
Holdings o f b i l l s
chased outri|jfct increased $25,765,000 but were p a rtly o f f s e t by a d eclin e
$2,200,000 in b i l l s held under sa les contracts*
Following the continued
fo r three consecutive weeks, discounts and advances increased §3 ,2 7 6 ,0 00 ,
Government secu rity holdings were up $516,000*
to ta l
and
pur»
of
decline
while
j
DECLASSIFIED
Authority £ . 0 »
MONEY MARKET
Call loans against stock exchange c o lla t e r a l continued at 2 per
/
cent* both on and o f f the exchange*
There was a fa ir ly a ctiv e demand fo r
new loans but the supply o f money was adequate and moderate amounts were
l e f t unlent at the close o f each day*s b u sin e ss.
On Wednesday, August 27,
the rate fo r c a ll loans secured by acceptances which has held at 1 l / 2
per ce n t, since July 10, was advanced l / 4 per cent#.
Tine money continued
qu iet at the sligtJtly higher ra tes e sta b lish e d l a s t week*
Commercial paper dealers re p o rt an a ctiv e market in New York
City but a qu iet market generally in other s e c t io n s .
The p re v a ilin g rate
remains at 3 to 3 1 /4 per c e n t,, prime short dated paper discounting at
the lower rate*
Call money, renewals, average
Call money, new lo a n s , average
Time money, 61-$0 days, o f f e r
Commercial paper, 4-6 months
Last
P eriod
Previous
Period
2,00
2.00
2 3 /4 - 3
3
*3 l / 4
2.00
2,Q0
2 3 /4 - 3
3
** 3 l / 4
SECURITY MARKETS
Trading in stocks become le s s a ctive as the holiday approached
Stock
Market
and daily tran saction s -declined under the m illio n share t o t a ls common
e a r lie r in the month.
Representative ra ilro a d averages declin ed over a
point to le v e ls more than 2 l / 2 points below the p r ic c s o f August 18,
which were the highest sin ce 1922.
Although a few in d iv id u a l s p e c ia lly
stock s advanced the ” Dow-Jonesw average o f 20 in d u stria l stocks d eclin ed
over 2 points below the high le v e ls fo r the year reached on August 20*
DECLASSIFIED
Authority
• 3 -
General
Bond
Markst
Bond trading continued m oderately a ctiv e and transactions
fo r the p eriod to ta le d 166,000,000. or about the same as in the
previous week.
S lig h tly lower p r ic e s , accompanying fin n er money
con d itio n s, was in d ica te d by a d eclin e of nearly a p o in t in the
"A n n alist" average o f 40 domestic corporation issu es.
A break o f
frcm 4 t o 6 p o in ts in the bonds o f Wilson & Company, follow in g the
j
granting o f a re ce iv e rsh ip , led the moderate d eclin e in other in
d u stria l bonds.
In the ra ilro a d group the d eclin e was p r in c i
p a lly in the sp ecu la tiv e issu es.
A c t iv ity in foreig n government
bonds during the week was the sm allest in a month.
French, Belgian
and certa in o f the Central European issu es were lower and an average
o f 10 issu es d eclin ed about 3 /4 o f a p o in t from the year’ s high
le v e l reached on August 19.
Foreign
Exchange
Leading European exchange rates were gen erally steady and
firm, follow in g l a s t week’ s rea ction .
S te rlin g held steady a t about „
$4^ 49. and French and Belgian francs a t 5. 45 cents and 5. 04 cents
r e s p e ctiv e ly a t noon on Friday. August 29, were p r a c t ic a lly unchanged
during the week.
Canadian exchange reached par tem porarily fo r the
f i r s t tine sin ce the end o f 1922.
South American and Far Eastern
rates tended to advance moderately.
New
Financing
The volwne o f new financing showed a substantial in crease and
p
fo r the week ended August 29 new bond o ffe r in g s to ta le d $73t 000. 000
a gain st $45,000,000 o ffe r e d l a s t week.
Foreign financing continued
a ctiv e to ta lin g $23, 000. 000 and p u b lic u t i l i t y o ffe r in g s aggregated
$22, 000. 000.
The p rin cip a l o ffe r in g s were $20, 000, 000 Province o f
Chtario 4 l /2 p er cent. 20 year bonds to y ie ld 4,75 per cent, and
$16,000,000 4 l /2 p er cen^, refunding bonds o f the L o u is v ille and N ashville
Flail road.
Dealers reported that a l l new o ffe r in g s were q u ick ly solcj.
DECLASSIFIED
Authority £ . 0 »
m4 m
New York
Market fo r
Short** term
Governments
The continued absence o f .any su b sta n tia l demand together
with a moderate amount o f s e llin g caused d ealers to lower th e ir o f f e r
ing p rice s on a l l issues*
The d eclin e has been p r in c ip a lly in the
lon ger m atu rities o f Treasury notes which were from 3/32 to 10/32
lower*
Dealers rep ort c e r t if i c a t e s and notes maturing from 6 months
to a year in the b e st demand.
R e fle ctin g lower p rices y ie ld s on
a l l m atu rities with exception o f from 4 to 6 months c e r t if ic a t e s have
advanced s te a d ily and are g e n e ra lly at the jBighest
le v e ls sin ce
the la t t e r part o f June:
U.
U.
U.
U.
U.
L iberty
Bond
Market
5.
S.
S.
S.
S.
C tfs . o f Ind. maturing 4 to 6 months
C t fs . o f In d. maturing 10 to 12 months
Treas. Notes maturing
1 to 2 years
T reas. Notes maturing
2 to 3 years
Treas. Notes maturing over
3 years
August 28
August 21
1 .9 4
2.88
3.22
3.57
3.64
2,00
2*84
3.18
3.50
3.54
Trading in Government bonds was more a ctiv e during the
p eriod , tra n sa ction s to ta lin g $15,000,000 against only $9,000,000
la s t week.
P rice s, however, were irre g u la r and su b sta n tia lly lower
as a r e s u lt o f reported s e llin g o f bonds by banks and other fin a n c ia l
in s t it u t io n s .
Closing p rice s on Wednesday, August 27, show d eclin es
during the week on a l l issues ranging from 6/32 to over a p o in t;
compared with the highest p rice s fo r 1924 lo s s e s range from nearly
1 1 /2 p oin ts in the Treasury bonds o f 1947 - 52 to 25/32 on the
Second 4 l/4 * s *
On Thursday, August 28, p rice s on L iberty bonds held
p r a c t ic a lly unchanged while the Treasury bonds advanced 6/32.
In the
follow in g summary o f L iberty bond sa le s,, decimals express 32n ds l
Amount in
Jtiousands
‘ 1,117
474
2,592
4,596
5,588
867
Issue
F irst
3
F irst
4
Second 4
Third
4
Fourth 4
Treasury 4
*
C losin g .P rices
Aujgust 27
August 20
100.30
1/4*8 100.24
102.16
1 /4 * s 101.28
101.17
1 /4 *s 101.00
102.16
1 /4 ’ fl 101.30
102.20
1 /4 * s 101.29
105,24
1 /4 ‘ s 104.22
High sin ce date o f issu a n ce.
High for
Year 1924
101.28
* 102*21
* 102.00
* 102.23
* 103.00
* 106.4
DECLASSIFIED
Authority
+
£.0.
5 «*
BANKERS ACCEPTANCES
Rates
The s lig h t ly higher ra tes establish ed during the la t t e r part o f
la s t week remained p r a c t ic a lly unchanged during the p e r io d .
Dealers are
o ffe r in g 90-day b i l l s at 2 l / 4 per cent* and bidding 2 3/8 per c e n t ., fo r
60*s dealers are biddin g 2 1 /4 to 2 3/8 per c e n t , and o ffe r in g at 2 1/8
per c e n t , t o 2 l / 4 per c e n t ., and for 30-day b i l l s ra tes were 2 l / 8 to
2 l / 4 per cent* b id and 2 .t o ;2 'l/8 per cent* o ffe re d *
Boston rep orts a fa ir supply o f b i l l s in the market which was
ai.R.spprta
s u f f ic ie n t to meet the demand*
There was a good demand from lo c a l banks
fo r the shorter m atu rities and a f a ir demand from other markets fo r longer
m a tu ritie s .
Dealers o ffe r in g s were somewhat in cre a se d .
In New York the
supply was moderate and remained p r a c t ic a lly unchanged from the previous
week.
The demand was s lig h t ly improved due t o the higher o ffe r in g r a t e s ,
but was p r in c ip a lly for the shorter m a tu ritie s .
somewhat increased but lo c a l sa les were sm a ller.
Sales ou t-of-tow n -were
Dealers combined p ort
f o l i o s were reduced somewhat by o ffe r in g s t o the reserve bank in adjust
ment o f p o s itio n s under the new r a t e s .
tinued in a c t iv e .
In P hiladelphia
the market con
The demand from lo c a l and inland banks was small and
the supply o f b i l l s continued to exceed the demand.
Chicago rep orts the
supply exceeding the demand, with dealers s e llin g th e ir excess b i l l s in
the eastern market»
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
Cumulative
Sinking
Fund
On August 26, 1924, at the request o f the Treasury, the New York
bank e ffe c t e d a p riv a te purcnase o f a b lock o f $5,000,000 Thirds at 101
28/32 net and accrued in te r e s t and was further authorize^ to purchase up
to an aggregate o f $5,000,000 a d d ition a l on the stock exchange at the
market, but not over 102 net and accrued in t e r e s t , fo r aecount o f the
Cumulative Sinking 5\md.
DECLASSIFIED
Authority E .O .
Purchases o f $1,000,000 were made by New York and $500,000 by
Pniladelphia at p rice o f 101 30/32, making to ta l purchases to date against
th is order $6,500,000*
Under Treasury authority the New York bank purchased during the
period $3,000,000 TM-1925 c e r t ific a t e s of indebtedness and $1,500,000 Treasury
notes maturing March 15, 1925, fo r a sp e cia l account*
SYSTEM SPECIAL INVESTMENT ACCOUNT
There has been no change during the period in the System's Special
Investment Account, the purchases and th e ir apportionment to a ll Federal reserve
banks aggregating $473,105,000 as shown in the follow in g ta b le :
Totals
$ 25,975,900
133,091,700
8,537,200
35,200,600
2,788,700
832,900
50,714,100
11,634,300
14,919,700
17,232,900
18,989,900
35.433.600
$
$355,351,500
$107.753.500
8,205,000
39,044,500
4,810,000
10,522,500
995,500
169,500
15,970,500
2,639,500
4,265,500
5,064,500
5,686,500
10.380.000
Liberty Loan
Bonds
$
500,000
3,700,000
200,000
1,200,000
0
100,000
1,200,000
600,000
300,000
500,000
600,000
8
Boston
New ^ork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Certificates of
Indebtedness
O
O
o
Treasury
Notes
Sl0.000.000
Total
$ 34,680,900
175,836,200
13,547,200
46,923,100
3,784,200
1,102,400
67,884,600
15,873,800
19,485,200
22,797,400
25,276,400
46.913.600
$473.105.000
RECAPITULATION OF PURCHASES
Made By
Amount
RECAPITULATION OF PURCHASES BY MATURITIES
Boston
New tfork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Dallas
San Francisco
$ 16,398,500
389,927,700
13,229,500
3,340,000
600,000
1,361,400
28,250,000
5,271,900
3,128,000
7,069,000
4.529.000
$12,760,500
Sept, 15. 1924
95,394,000
Dec*
1924
15,
112,960,000
March 15, 1925
41,047,700
June
15, 1925
38,717,000
Dec.
1925
15,
54,457,600
March 15, 1926
25,101,000
S ept. 15, 1926
54,620,900
March 15, 1927
28,046,300
Dec.
15, 1927
Third L iberty Loan BondB
10.000.000
Sept* 15, 1928
£473.105.000
^473.105.000
Totals
DECLASSIFIED
Authority
E.O. USS*
- 7 ITEMIZED STATEMENT' OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
___ ALL FEDERAL RESERVE BANKS FRCfvi AUGUST 21 TO AUGUST 27. 1924
GOVERNMENT SECURITIES
Purchases
Issue
Sales
Issue
Held Under
Sales Contracts
Boston
0
-
0
-
New York
0
-
0
-
0
Philadelphia
0
-
0
-
0
Cleveland
0
-
0
-
0
Richmond
0
-
0
-
0
| 1 0 ,5 5 0
Atlanta
5 9 ,2 5 0
Misc. Go v' t Sec.
0
-
0
Chicago
88, 450
Misc. Gov’ t Sec.
0
-
0
0
-
0
St, Louis
-
0
Minneapolis
2 ,5 3 9 , 3 0 0
Misc. Gov’ t Sec.
Kansas City
162, 5 0 0
Misc. Gov’ t Sec.
Dallas
0
San Francisco
0
T otals
2 , 5 3 2 ,7 5 0
-
Misc. Gov’ t Sec.
0
-
400, 0 00
0
-
0
0
-r
0
$ 41 0, 5 5 0
$ 2 ,5 3 2 , 7 5 0
$ 2 ,8 4 9 ,5 0 0
0
BANKERS ACCEPTANCES
Maturity
Boston
1 -3 0
3 1 -6 0
6 1 -9 0
Over 9 0
days
'*
”
"
PURCHASES
Amount
$ 1 ,8 2 7 , 000
2 8 0 , 000
480, 000
13. 000
MATURITIES
Amount
Rate
2/
1 /8 %
-2
$
3 0 6 ,0 0 0
Held Under
Sales Contracts
0
2 1/8% - 2 3 /8 /
2 1 /4 / 2 1 /4 /
2 3 /8 %
2/o
2/
2 1 /4 /
2 l/4 /o
2
2
2
2
$2, 6 0 0 , 0 00
New York
1 -3 0
3 1 -6 0
6 1 -9 0
Over $0
days
"
"
"
5,
2,
9,
6.
46 4,
8 38 ,
870,
374.
000
000
000
000
-
l /4 /o
l/4 /o
3 /8 /
3 /8 /
2,576,000
0
104, 000
0
$ 2 4 ,5 4 6 , 000
P hiladelphia
3 1 -6 0
days
100, 000
2
1 /4 /
1
Reproduced from the Unclassified
I D ecla ssifie ^ o ld in g ^ fth e National Archives
—■
........ '
D E C L A S S IF IE D ^
Authority E .O - 1235%
- 8
BANKERS ACCEPTANCES » ( Continued)
EURCHASS^
Amount
Cleveland
1-30 days
&
U S ,000
Rate
2$
MATURITIES
Amount
$
147,000
Held Under
Sales Contracts
0
Richmond
0
0
0
Atlanta
53,000
0
(640,000 Unin
dorsed b i l l s
purchased
from accept
ing banks)
Chicago
1-30 days
31-60
*
61-90
"
877,000
0
9,000
0
Minneapolis
29 ,000
0
Kansas City
113.000
0
685.000
0
376.000
0
1.566,000
554,000
— l& LQ oa
Z%
2?°
^
2 1 /4 $
S t . Louis
Dallas
San Francisco
In other
d is t r i c t s
167.000
1-30 days
31-60
"
913.000
210.000
2 1/ 8$
2 1,
- 2 1/4$
$ 1 ,123,000
T o t a l s
http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
I
$30 ,987,000
$5,222,000
1640,000
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
•cecutive Folder
rrra
t.,4. t V
September 2, 1924,
°
Bear
Jfettesom
R eceip t ill acknowledged o f your l e t t e r
o f August 23rd, addressed t o Governor
C ria a in ger, e n clo sin g re p o rt o f tranaactiona
in Government s e c u r it ie s snd banker® accep t
ances as reported t o the Open Market Invest-*
nant C osnittee f o r the Federal Reserve S/ateai
f o r the period from August 14 t o August 20,
1924, in c lu s iv e , tog eth er with data re ce iv e d
by the OoiBttittee from the Federal reserve
banka«
Very tr u ly y ou rs.
(Signed) Walter L. Eddy
f a lt e r I#* M dy,
Secretary*
Mr. W, B* Matteeon, S eoretary,
Open Market Investment Coaa&ttee,
o /o Federal- Reaerve Bank,
Hew fo r k , H*Y*
Reproduced from the Unclassified
I Declassified Holdings of the National Archives
DECLASSIFIED
Authority £ . 0 » 1335%
Fe d
er al
of
R
e s e r v e
Ba
n k
N ew York
;
1924
OFFICE OF
THE GOVERNOR
Open Market Investment Committee
fo r the Federal Reserve System
CONFIDENTIAL
August 23, 1924
S i r :
Enclosed is a rep ort o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the period from August 14 to August 20, 1924 in
c lu s iv e , togeth er with data received by the Committee from
the Federal reserve banks.
R e sp e ctfu lly ,
W. B. Matte son
Secretary of the Committee
Honorable D.R. C rissin g er,
Governor, Federal Reserve Board,
Washington, D. C.
Enclosure
j
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority E .Q -
C O N F I D E N T I A L
REPORT OF OPEN MARKET INVESTMENT COMMITTEE
WEEK ENDED AUGUST 2 0 , 1 9 2 4
C O N T E N T S
FEDERAL RESERVE BANK STATISTICS
Comparison o f H o ld in g s Changes in H o ld in g s -
Page
E a rn in g A s s e t s -
- -
- - - - - - -
Government S e c u r i t i e s -
- -
- -
- -
1
-
Bankers A c c e p ta n c e s
1
1
CURRENT CONDITIONS
:
Money M arket
-
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
2
- -
- -
- -
- -
- -
- -
2
S e c u r it y M arkets
-
- -
- -
- -
- -
F o reig n Exchange
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3
Government S e c u r it y M arket
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3
Bankers Acceptances - - - - - - - - - - - - - - - - - - - -
4
New F in a n c in g -
-
OPERATIONS FOR T R E A S U R Y ---------------------------------------------------------------------------------- -----5
SYSTEM*S SPECIAL INVESTMENT ACCOUNT
-
-
------------------------------------------------ ---- 6
TRANSACTIONS AFFECTING INVESTMENT ACCOUNT ALL BANKS
Government S e c u r i t i e s
7
Bankers A c c e p ta n c e s -
8
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority £ . 0 .
-
1
*
COMPARISON OF HOLDINGS OF ElRNING ASSETS OF JEDERA.L RESERVE BANKS
_________________ ?ROM JANUARY 30 TO AUGUST 2 0 , 1 9 2 4 ___________ _
_
( 0 0 0 O m itted)
TOTAL
EARNING
ASSETS
-1 9 2 4 J an . 30
Feb . 27
Mar - 26
Apr . 30
May
28
June 25
J u ly 30
6
Aug .
ff
13
n
20
♦GOVERNMENT
SECURITIES
$ 9 1 4 ,881
9 50 ,801
942 ,0 8 0
8 7 3 ,3 8 1
8 5 0 ,1 9 3
8 2 6 ,2 6 0
8 2 4 ,8 6 7
8 32 ,5 0 2
8 2 5 ,8 0 2
8 2 7 ,8 6 8
$12 0 ,772
1 5 5 ,8 0 1
2 57 ,2 5 6
301 ,6 6 0
3 3 3 ,2 8 2
429 ,7 9 4
505 ,281
5 3 5 ,5 1 7
5 4 0 ,3 2 5
5 4 1 ,1 1 0
BANKERS ACCEPTANCES
S a le s
C o n tr a c ts
P u rch a ses
$23 5 ,9 30
2 0 5 ,0 2 2
1 6 4 ,9 4 7
$ 35 ,8 62
5 8 ,2 8 8
37 ,511
2 1 ,6 8 5
36 ,8 91
$69
1 ,1 9 7
1 ,1 3 6
102 ,8 0 0
49 ,869
4 4 ,0 6 5
23 ,2 4 4
2 0 ,9 6 1
1 7 ,3 0 5
2 2 ,8 8 4
* I n c lu d e s
s a le s
723
2 ,8 4 0
BILLS
DISCOUNTED
$522 ,3 0 7
531 ,6 9 0
482 ,3 1 5
447 ,1 8 5
429 ,6 0 0
3 5 0 ,1 3 1
2 9 3 ,8 9 5
2 7 3 ,6 3 8
2 6 6 ,1 9 9
259 ,2 8 4
c o n tra c ts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND B 'INKERS ACCEPTANCES
_
_
BY BEDERAL RESERVE BANKS (EXCLUSIVE OF S:\LES CONTRACTS)
_______________ DURING VJEEK ENDING AUGUST 2 0 . 1 9 2 4
____________
(000
B o sto n
New York
P h ila d e lp h i a
C le v e la n d
Richmond
A t la n t a
C hicago
St . L o u is
M in n e a p o lis
K ansas C ity
D a lia s
San F ra n c isc o
T o ta l
GOVERNMENT SECURITIES
B a la n c e
B a la n c e
N et
Aug . 2 0
Change
Aue . 1 3
BANKERS ACCEPTANCES
N et
B a la n c e
B a l an c e
Chanrd
Auff . 1 3
Aug . 2 0
$ 38 ,2 4 1
$ 38,241
$
1 7 7 ,0 3 9
31 ,1 3 7
56 ,2 16
1 7 7 ,039
31 ,1 3 7
5 6 ,0 2 6
5 ,1 2 5
2 ,1 0 3
74 ,7 88
1 4 ,8 7 4
27 ,189
31 ,555
2 6 ,5 1 0
5 6 .1 1 3
5 ,1 2 5
1 ,958
7 4 ,5 8 6
1 4 ,8 7 4
26 ,9 5 5
31 ,551
26 ,5 1 0
56 .112
$54 0 ,9 0 0
$ 5 4 0 ,1 1 4
$ 0
0
0
190+
0
145+
212+
0
234+
4+
0
1+
$786+
.
O m itted)
2 ,157
11 ,5 02
789
965
0
624
2 ,7 7 6
16
158
243
2 ,5 03
1 ,1 51
$ 2 2 ,8 8 4
$
2,039
6 ,8 2 7
921
9 68
0
139
1 ,2 6 0
19
213
436
3 ,2 1 1
1 .2 7 2
$ 1 7 ,3 6 5
$.
118*
4 ,6 7 5 +
13230
485+
1 ,516+
355193708121$5 ,579 +
COMMENT ON CHANGES POE WEEK ENDED AUGUST 2 0
T o t a l earn in g a s s e t s o f a l l r e s e r v e banks showed a n e t in c r e a s e o f
$ 2 ,0 6 6 , 0 0 0 d u rin g th e w eek , th e d e c re a s e o f $ 6 ,9 1 5 ,0 0 0 in h o ld in g s o f d is c o u n te d
b i l l s h a v in g been more than o f f s e t by i n c r e a s e s o f $ 7 ,6 9 6 ,0 0 0 in a c c e p ta n c e s
p u rchased and o f $ 7 8 5 ,0 0 0 in Government s e c u r i t y h o l d i n g s O f th e i n c r e a s e in
a c c e p ta n c e h o ld in g s accompanying th e s l i g h t l y firm er c o n d it io n s in th e m arket
$ 5 ,5 7 9 ,0 0 0 r e p r e s e n t e d b i l l s pu rchased o u t r i g h t , w h ile b i l l s h e ld under s a l e s
c o n t r a c t s in c r e a s e d $ 2 , 1 1 7 , 0 0 0 -
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority
2
MONEY MARKET
F o llo w in g t h e - l o s e
to t h is
d is tr ic t
d u rin g the week through the
the s e t t le m e n t fund o f a p p r o x im a te ly 3 0 m i l l i o n s ,
New York tu rn ed d.is c in c x ly firm e r*
B ill
were h ig h e r and th e r e was l e s s e v id e n c e
money c o n d i t io n s in
and t r e a s u r y c e r t i f i c a t e
o f s u r p lu s
funds i n
C a ll money on the exchange c o n tin u e d a t 2 p e r c e n t,
lo n g e r re p o r te d under t h a t r a te
o u ts id e
r a t e s advanced l / 4
p e r c e n t,
A ugu st 2 1 ,
the m arket.
bu t lo a n s were no
the exchange.
m arket co n tin u e d q u i e t but on T hursday,
ra te s
The tim e money
was s l i g h t l y
fir m e r and
on a l l m a t u r i t i e s ,
The com m ercial p a p er m a rk et was m o d e ra te ly a c t i v e w ith s a l e s
a b o u t e v e n ly d i s t r i b u t e d
between 3 and 3 l / 4
s a l e s a t 2 3 / 4 p e r c e n t,
a s r e p o r te d l a s t week,
appeared t o be a l i t t l e
p e r c e n t.
There were no
and the m arket g e n e r a lly
firm er..
L ast
P re v io u s
P e r io d
Pe r i od
2,00
2.00
2, 00
2 00
C a l l money, re n e w a ls, average
C a ll money, new lo a n s , average
Time money, 6 1 - 9 0 days, o f f e r
Commercial p a p e r, 4 -6 months
*
2 3 /4 3
2 1 /2 -2
3
- 3
3
1 /4
-
3 /4
3. 1 / 4
SECURITY MARKETS
During the l a t t e r p a r t o f the p e r io d s to c k
Stock
M arket
d a ily
t r a n s a c t i o n s were a g a in in e x c e s s
gen eral
tren d o f a v e r a g e s co n tin u e d upward*
in d u s t r ia l sto c k s
4 p o in ts
s in c e
lo w in May,
the
fir s t
sh ares,
The "T im e s "
reach ed the h i g h e s t p o i n t s in c e
1919,
R a ilr o a d a v e r a g e s a f t e r
o f 25
a g a in o f over
from the y e a r ’ s
re a c h in g new h ig h l e v e l s
c lo s e .
and the
average
o f the month and n e a r ly 17 p o i n t s
y e a r s were s l i g h t l y lo w er a t the
o f a m illio n
tr a d in g was a c t i v e ,
in
re c a n t
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority E .0 »
- 3 General
Bond
Market
A c t iv ity in "the bond market was slackened somewhat during the
p eriod and tran saction s to ta le d about $68p00,000 against $90,000,000
the week before.
P rice s were s lig h t ly ir r e g u la r and a rep resen tative
average o f 40 domestic corp ora tion bonds was fr a c t io n a lly lower and ap
proxim ately 3 /4 o f a p o in t low er than the year’ s high le v e l reached on
July 25.
Trading in foreign government bonds was moderate compared with
the recen t p eriod o f a c t iv it y and p r ic e s g e n e ra lly held firm a t clo s e to
th e ir h igh est le v e ls .
Foreign
Exchange
A fter a steady advance sin ce the f i r s t o f the month European
exchange rates reacted*
S te rlin g declined to $4* 48 l / 2
b it recovered on
Thursday, August 21, to 04.51 l / 2 , approxim ately 5 cents lower than the
extreme high of la s t week.
French and Belgian francs closed on Thursday
a t 5. 46 cents and 5. 04 l / 2 cents,
o f f about 18 and 10 poin ts re sp e ctiv e ly
during the week.
New
Financing
In accordance with the usual seasonal tendency the volume of new
bond o ffe rin g s during the week ended August 22 was con siderably smaller
and to ta le d only 45 m illio n s compared with 146 m illio n s o ffe re d la s t
week.
State and municipal issu es which have been com paratively small in
the la s t few weeks to ta le d 23 m illio n s while in d u stria l issu es aggregated
12 m illio n s.
The p rin cip a l o ffe r in g s were 10 m illio n 5 l / 2 per cen V
debentures of the Sun Oil Company, due 1939, and p riced to y ie ld 5.52
per cent, and 12 m illio n State o f I l l i n o i s bonds, composed of 9 m illio n
4 p er cent* highway bonds and 3 m illio n 4 l / 4 per cent, so ld ie rs* bonus
bonds.
New Yorft
S e llin g o f short-term government s e c u r itie s by banks and
Market fo r
Short^tenn other fin a n cia l in s tit u t io n s was reported by dealers and o ffe rin g
Governments
p r ic e s were lowered from 2/32 to 7/32 on a l l issu es.
With lower
p r ic e s the y ie ld s on various m atu rities have increased s te a d ily and
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority £ . 0 .
•» 4- •*
are gen era lly 1 /4 point higher than th ose p re v a ilin g at th e f i r s t o f the
month.
Aus^st 21
u*
u*
u.
u.
u.
L iberty
Bond
Market
S. C tfs . o f In d. maturing 4 t o
s* C tfs . o f Ind* maturing 10 t o
S. Treas* Notes maturing
1 to
s . T rea s. Notes maturing
2 to
s . Treas* Notes maturing <aver
6 mont hs
12 months
2 years
3 years
3 years
August 14
2*00
2.84
3*18
3*50
3.54
1.88
2.58
3*06
3*40
3*47
T ransactions in L iberty loan bonds during t he p eriod t o t a le d
only $9,300,000, th e sm allest volume o f tra d in g in any week t h is y e a r.
The F irst 4 l / 4 f s reached a new high p rice while p r ic e s on other issu es
held f a ir ly steady and clo s e d on Wednesday only s lig h t ly lower than in
th e previous week*
On Thursday, August 21, p rice s on a l l issues were
from 2/32 t o 10/32 lower*
This g e llin g continued on Friday with further
fo s s e s ranging from 4/32 t o 14/32 on L iberty bonds while the Treasury
4 l / 4 ’ s lo s t 16/32 and closed at 104*30.
The Second and Fourth 4 l/4 * s
continued t o be th e most a ctiv e issu es as in d ica te d in th e follow in g
summary o f L iberty bond s a le s , in which decimals express 32nds:
Amount in
T hou sands
744
335
2,193
1,490
3,828
685
C losing P rices
August 20
August 13
Issue
First
3 l /2 * s
F irst
4 1 / 4 's
Second 4 l/4 * s
Third
4 l/4 * s
Fourtb 4 1 /4 ’ s
Treasury 4 i / 4 ‘ s
101*1
102.19
101.20
102*17
102.25
105*31
100.30
102*16
101*17
102*16
102*20
105.24
High fo r
Year 1924
*
*
*
*
*
* High sin ce date o f issuance.
BANKERS ACCEPTANCES
Rates
Reports re ce iv e d from the various banks in d ica te that the
gradual increase in th e supply o f b i l l s coming in to th e market,
101*28
102*21
102*00
102.23
103.00
106*4
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority
-
5 -
"to g eth e r w ith th e c o n tin u e d l i g h t
i n c r e a s e in
th e p e r io d
d e a le r s 1 p o r t fo lio s
b id d in g 2 3 /8
2 1 /4
demand* r e s u l t e d in
so th a t
per c e n t .;
a t 2 to 2 l / 8
On F r id a y , A ugu st 2 2 ,
p er c e n t ,
for 9 0 -d a y b i l l s
fo r 6 0 -d a y b i l l s
per
a s u b s ta n tia l
d u rin g th e l a t t e r p a r t o f
d e a le r s g e n e r a ll y r a i s e d t h e i r r a t e s 1 / 8
on a l l m a t u r i t i e s .
£.0.
to
l/4
per c e n t-
d e a le r s in New York were
and o f f e r i n g g e n e r a lly a t
d e a le r s b i d 2 1 / 4
c e n t , and fo r 3 0 -d a y b i l l s
p er c e n t , and o f f e r e d
r a t e s were 2 l / 8
to 2 l / 4
p e r c e n t , b i d , and 2 p er c e n t , o f f e r e d .
A b stra ct
o f R e p o rts
from Banks
A summary o f th e a c c e p ta n c e m arket during th e p e r io d i n d ic a te s th a t
tr ic ts .
s i m i la r
c o n d it io n s p r e v a i l e d in
th e r e p o r t in g
d is
During th e e a r ly p a r t o f th e p e r io d th e m a rk ets were q u ie t
w ith c o n tin u e d m oderate i n c r e a s e in
demand.
a ll
The s te a d y in c r e a s e in b i l l
g e n e r a ll y
su p p ly and a r e l a t i v e l y l i g h t
p o r tfo lio s
cau sed d e a le r s t o
advance t h e i r r a t e s on M onday, A ugu st 1 8 .
h ig h e r r a t e s b i l l s moved more
red u ced g r a d u a l l y .
f r e e l y and d e a le r s *
W ith th e s l i g h t l y
p o r t f o l i o s were
M oderate o f f e r i n g s were made t o th e r e s e r v e banks
as th e m arket was a d ju s t i n g i t s e l f t o th e h ig h e r r a t e s ►
OPERATIONS FOR ACCOUNT OF UNITED ST-VTSS TREASURY
Under T re a su ry a u t h o r i t y th e New York bank pu rchased du ring th e
p e r io d $ 1 ,5 5 0 ,0 0 0 TM -1925 c e r t i f i c a t e s
o f in d e b te d n e s s and $ 1 ,0 0 0 ,0 0 0
T re a su ry N o te s m a tu rin g March 1 5 , 1 9 2 5
fo r a s p e c ia l
The F ed eral R ese rv e Bank o f New York a l s o
a c c o u n t.
r>urchased, a t
th e r e q u e s t o f th e T r e a s u r y , $ 5 3 3 ,0 0 0 2 3 / 4 % c e r t i f i c a t e s
n e s s m a tu rin g December 1 5 , 1 9 2 4
C u s t o d ia n .
o f in d e b te d
fo r a ccou n t o f th e A lie n P ro p e rty
DECLASSIFIED
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
£.0.
- 6 -
SYSTEM SPECIAL INVEST!4ENT ACCOUNT
No a d d i t i o n a l p u rch a ses
s e c u r itie s
re p o rt,
s a le
have been made d u rin g th e
f o r t h e System S p e c i a l In v estm e n t A c c o u n t,
p e r i o d o f Government
As n o te d in t h e p r e v io u s
s p e c i a l exchange t r a n s a c t i o n s were consummated on August 1 5 ,
from System h o ld in g s o f $ 2 5 ,0 0 0 ,0 0 0 Septem ber 1 5 f 1 9 2 4 ,
th e pu rchase in rep lacem en t o f l i k e
i n v o l v i n g th e
T re a su ry N o tes and
a g g re g a te amount o f o th e r s h o r t -t e r m
Govern
ment s e c u r i t i e s *
The s t a t u s o f t h i s
as
accoun t a t t h e
c lo s e
o f b u s in e s s August
2 0 , was
fo llo w s :
T re a su ry
N otes
B o sto n
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
Chicago
St • L o u is
M in n e a p o lis
Kansas C ity
D a lla s
San F ra n c isco
T ot a l s
$ 2 5 ,9 7 5 , 9 0 0
$
8 ,2 0 5 ,0 0 0
$
5 0 0 ,0 0 0
3 ,7 0 0 ,0 0 0
Tot a l
$ 3 4 ,6 8 0 ,9 0 0
1 7 5 ,8 3 6 ,2 0 0
1 3 3 /0 9 1 ,7 0 0
8 ,5 3 7 ,2 0 0
3 5 ,2 0 0 ,6 0 0
2 ,^ 8 8 ,7 0 0
8 3 2 ,9 0 0
5 0 ,7 1 4 , 1 0 0
1 1 ,6 3 4 ,3 0 0
1 4 ,9 1 9 ,7 0 0
1 7 ,2 3 2 ,9 0 0
1 8 ,9 8 9 ,9 0 0
3 5 .4 3 3 .6 0 0
3 9 ,0 4 4 ,5 0 0
4 ,8 1 0 ,0 0 0
1 0 ,5 2 2 , 5 0 0
9 9 5 ,5 0 0
1 6 9 ,5 0 0
1 5 ,9 7 0 ,5 0 0
2 ,6 3 9 ,5 0 0
4 , 2 6 5 ,5 0 0
5 ,0 6 4 ,5 0 0
5 ,6 8 6 ,5 0 0
1 0 ,3 8 0 , 0 0 0
2 0 0 ,0 0 0
1 ,2 0 0 ,0 0 0
0
1 0 0 ,0 0 0
1 ,2 0 0 ,0 0 0
6 0 0 ,0 0 0
3 0 0 ,0 0 0
5 0 0 ,0 0 0
6 0 0 ,0 0 0
1 , 1 0 0 .0 0 0
1 3 ,5 4 7 ,2 0 0
4 6 ,9 2 3 ,1 0 0
3 ;7 8 4 ,2 0 0
1 ,1 0 2 ,4 0 0
6 7 ,8 8 4 ,6 0 0
1 4 ,8 7 3 ,8 0 0
1 9 ,4 8 5 ,2 0 0
2 2 ,7 9 7 ,4 0 0
2 5 , 2 7 6a400
£ 3 5 5 .3 5 1 .5 0 0
$ 1 0 7 ,7 5 3 ,5 0 0
$ 1 0 ,0 0 0 ,0 0 0
8 4 7 3 ,1 0 5 .0 0 0
RECAPITULATION OF PURCHASES
Made By
Amount
B oston
New York
P h ila d e lp h ia
C le v ela n d
Richmond
A tla n ta
Chicago
S t . L o u is
M in n ea p o lis
D a lla s
San F r a n c is c o
L i b e r t y Loan
Bonds
C e r t i f i c a t e s of
In d e b te d n e s s
f? 1 6 ,3 9 8 ,5 0 0
3 8 9 ,9 2 7 ,7 0 0
1 3 ,2 2 9 ,5 0 0
3 ,3 4 0 ,0 0 0
6 0 0 ,0 0 0
1 ,3 6 1 ,4 0 0
2 8 ,2 5 0 , 0 0 0
5 ,2 7 1 ,9 0 0
3 ,1 2 8 .0 0 0
7 ,0 6 9 ,0 0 0
4 -5 2 9 0 0 0
$473,105,000
46* 9 1 3 ,6 0 0
RECAPITULATION OF PURCHASES BY MATURITIES
Sept „
D ec.
March
June
D ec.
March
Sept „
Marcb
D ec,
T h ir d
Sept 4
1924
1924
1925
1925
15,
1 5 , 1925
1 5 , 192 6
1 5 , 1926
1 5, 192?
1 5 . 1927
L . L - Bonds
1 5 , 1928
15,
15,
15,
0 1 2 ,7 6 0 ,5 0 0
9 5 ,3 9 4 ,0 0 0
1 1 2 ,9 6 0 ,0 0 0
4 1 ,0 4 7 ,7 0 0
3 8 ,7 1 7 ,0 0 0
5 4 ,4 5 7 , 6 0 0
2 5 ,1 0 1 ,0 0 0
5 4 ,6 2 0 ,9 0 0
2 8 ,0 4 6 ,3 0 0
1 0 .0 0 0 .0 0 0
$473*105,000
Reproduced from the Unclassified
I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
£.0.
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
_______ALL FEDERAL RESERVE BANKS FROM AUGUST 1.4 TO AUGUST 20. 192.4 ,
GOVERNMENT SECURITIES
Purchases
Boston
$538,500
1.704.300
Issue
Pa r t . Sys tem Inv. C /I
”
"
« T/fo
Sales
Issue
Held
Under Sales
Contracts
$2,242, 800 Part. System Inv.T/N $10,800
$2.242t 800
New York
7,222,700 Part* System Inv.T/N
0
Part. System Inv. C /l
"
* t/ n
1*134,100 Part. System Inv.T/N
0
Part, System Inv, C /l
”
"
" T/fo
B-1924 Treas. Notes
2,5 9 9 ,6 00 Part.System Inv.T/N
0
378.400 Part. System Inv.T/N
0
1, 733„ 500 Part. System Inv. C /l
5.489.200 "
M
" T/N
$7.222. 700
P hiladelphia
272, 000
862.100
L 134.100
Cleveland
624*000
1,975 , 6 00
190. 000
&2. 789 r 600
Richmond
91, 000 Part* System Inv. C /l
287t 400 "
”
" T/N
&378t 400
Atlanta
176,400 Misc. Gov’ t °>Sec,
Chicago
1^ 042f 000 Part* System Inv, C /l
3,299,900 ”
”
" T/fa
210f 700 Fourth L. L. 4 l /4 s
31,500
Sec.
Misc. Gov*t
0
4, 341# 900 Part, System Inv. Tfin
0
696, 600 Part. System Inv. T/^
0
1 ,297# 600 Part, System Inv.T/N
8, 911,500 Misc. Gov*t Sec.
0
v4.552 t 600
St. Louis
167, 000 Part. System Inv, C /l
529.600 "
"
" T/tvT
& 696.600
Minneapolis
311,500 Part, System Inv, C /l
986,100
"
"
" T/N
9#144,550 Misc. G ov't Sec.
$10.442.150
$10T209.100
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority E.O»
GOVERNMENT SECURITIES - (Continued)
Kanaas City
$
Dallas
Issue
Sales
IS3U‘
Purchases
Held
Under Sales
Contracts
280,000 Part,System ln v ^ C /l $1,166,700 Part*System Inv„T/N $200,000
886,700
"
"
" T/N
3>450 Misc* G ov't Sec,
3 5 6 ,5 0 0
1 ,1 2 9 .5 00
Part-System I rv #C /I
"
"
1 ,4 8 6 , 0 0 0
Part.Systera Inv*T/!N0
'* T/N
Part.System I n v .C /l
2 ,4 3 3 ,6 0 0
Part.System Inv.T/N 0
w T/N
Sec,
$ 1 ,4 8 6 ,0 0 0
San Francisco
5 8 4 ,0 0 0
1 ,8 4 9 ,6 0 0
_______1 .5 5 0
*'
"
M isc. Gov’ t
____________
Q 2 .4 3 5 .1 5 0
T otals
&34,726.650
.
§210.800
113,943^000
BANKERS ACCEPTANCES
PURCHASES
Amount
Maturity
Boston
1 -3 0
3 1 -6 0
6 1 -9 0
Over 9 0
days
$
"
"
"
$
New York
1 -3 0
3 1 -6 0
6 1 -9 0
Over 90
days
"
"
"
9 6 ,0 0 0
7 4 ,0 0 0
4 5 ,0 0 0
1 0 .0 0 0
MATURITIES
Held Under
Amount Sales Contracts
Rate
2 l /4 /o
- 2 3/8?*
2 1 /s /» 2 1 / 4/0
2 3 /8 /o
$
1 0 7 ,0 0 0
$ 2,230,000
2 2 5 .0 0 0
3 . 0 6 4 ,0 0 0
4 2 5 ,0 0 0
9 8 6 ,0 0 0
,
1. 8 3 7 * 0 0 0
Z/o
•> 2
2 l/8fo ~ 2 3/ 8/0
2 I / 4/0 2 1 /4 -
1 ,6 3 7 ,0 0 0
2 3/8/o
2 3 /8 /
$ 6 . 312,, 0 0 0
P hiladelphia
-
0
-
1 3 2 ,0 0 0
0
Cleveland
-
0
-
3 ,0 0 0
0
Richmond
-
0
-
Atlanta
In other
d is t r i c t s
240,000
378^000
6 1 8 .0 0 0
0
1 3 3 ,0 0 0
0
(610,000 Unin
dorsed b i l l s
purchased from
a ccep tin g hanks)
Reproduced from the Unclassified
I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
£.0.
BANKERS ACCEPTANCES - (Continued)
Cfticago
Maturity
PURCHASES
Amount
1-30 days $
31-60
«
953,000
648.000
Rate
MATURITIES
Amount
Held Under
Sales Contracts
5 85,000
0
ZjL
51.601.000
S t. Louis
0
3,000
0
Minneapolis
0
55,000
0
Kansas City
0
193.000
0
808.000
0
269,000
0
Dallas
San Francisco
1-30 days
100.000
2 l/s/»
1-30 days
61-90
'•
143.000
5.000
$
2 l/4%
- 2 I/O/L
5148.000
T o t a l s
http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
I
59.004.000
53.425.000
52.840.000
Reproduced from the Unclassified I Declassified Holdings of the National Archives
j
D E C L A S S IF IE D
j Authority
Au^uat 18, 1024
Q*ar Sir:
Beeetpt la acknowledged o f your letter o f
th e 16th i**#tant#- en oloa ia g report of traneaotion*
in Government * e e u r ltle « and banker* acoepfcancee as
rep orted to your ©oanaittee* for the period tram
August 7th to Augufit 18th # In o lu a iv e , together with
data re ce iv e d iw&m the Federal reeerre banka*
Very truly youre,
CP^aed) J. 0 .KoeC
J - C. H o a ll,
A is is ta n t Secretary
Mr* W# B« Matteaon, S ecreta ry ,
Open Market Inreetment O oM dtteei
o /o Federal Beserre Bank,
Hew f o r k , N. ¥«
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority
Fe d e r a l Re s e r v e Ban k
o f
N ew Y o r k
Open M arket In v estm e n t Com m ittee
f o r th e F e d e r a l R e s e r v e System
August 1 6 ,
CONFIDENTIAL
S i r :
Etaclosed i s
s e c u r itie s
a re p o rt o f tr a n s a c tio n s
and bankers a c c e p ta n c e s
in Government
as r e p o r te d t o th e Open
M arket In v e stm e n t Com m ittee f o r th e F e d e r a l R eserv e System
f o r t h e p e r io d from A ugu st 7 t o August 1 3 , 1 9 2 4 i n c l u s i v e ,
t o g e t h e r w ith d a ta r e c e i v e d by th e Com m ittee from th e F e d e r a l
r e s e r v e b a n k s.
S e c r e t a r y , Open Market
In v estm e n t Committee
E n c l.
H onorable D. R. C r is s in g e r ,
G overnor, F ederal R eserve Board,
W ashington, D. C.
1924.
£.0. VffiSS
DECLASSIFIED
Authority £ .Q «
C ONF I DE NT I A L
REPORT OF OPEN MARKET INVESTMENT COMMITTEE
WEEK ENDED AUGUST 13, 1924
CONTENTS
FEDERAL RESERVE BANK STATISTICS
Page
Comparison of Holdings - Earning A ssets- - - - - - - - - -
1
Changes in Holdings - Government S e c u r it ie s -
1
Bankers Acceptances* - - - - - - - -
1
Money Market - - - - - - - - - - - - - - - - - - - - - - -
2
S ecu rity Markets - - - - - - - - - - - - - - - - - - - - - -
2
Foreign Exchange - - - - -
3
CURRENT CONDITIONS
----
New Financing-
3
Government S ecu rity Market - - - - - - - - - - - - - - - -
3
Bankers A cceptances- - - - - - - - -
---- - - - - - - - - -
4
OPERATIONS FOR TREASURY--------------------------------------- -------------------- - -
5
SYSTEM* S SPECIAL INVESTMENT ACCOUNT-------- --- --------------------------- -r -
6
TRANSACTIONS AFFECTING INVESTMENT ACCOUNT ALL BANKS
Government S e c u r it ie s - - - - - - - - - - - - - - - - - - -
7
Bankers A cceptances- - - - - - - - - - - - - - - - - - - -
8
Authority £ . 0 . 1235%
■* 1 *>
COMPARISON OF HOLDINGS OF EARNING ASSETS OF FEDERAL RESERVE BANKS
________________________FROM JANUARY 30 TO AUGUST 1 3 . 1 9 2 4 ___________________
(0 0 0 O m itte d )
-1 9 2 4 J an , 30
Feb* 27
M ar. 26
Apr* 30
May
28
June 25
Ju ly 30
Aug.
6
Aug* 1 3
TOTAL
EARNING
ASSETS
*G0VERNI'/!ENT
$ 9 1 4 ,8 3 1
9 5 0 .8 0 1
0 1 2 0 ,7 7 2
1 5 5 ,8 0 1
9 4 2 ,0 8 0
8 7 3 ,3 8 1
8 5 0 ,1 9 3
8 2 5 ,2 6 0
8 2 4 ,8 6 7
8 3 2 ,5 0 2
8 2 5 .8 0 2
2 5 7 ,2 5 6
3 0 1 ,6 6 0
3 3 3 ,2 8 2
4 2 9 ,7 9 4
5 0 5 ,2 8 1
5 3 5 ,5 1 7
' - 5 4 0 ,3 2 5
SECURITIES
BILLS
BANKERS ACCEPTANCES
P urch ases
S a le s
C o n tr a c ts
$ 2 3 5 ,9 3 0
2 0 5 ,0 2 2
1 6 4 ,9 4 7
1 0 2 ,8 0 0
4 9 ,8 6 9
4 4 ,0 6 5
2 3 ,2 4 4
2 0 ,9 6 1
1 7 ,3 0 5
^ I n c lu d e s S a le s
3 5 ,8 6 2
5 8 ,2 8 8
3 7 ,5 1 1
2 1 ,6 8 5
3 6 ,8 9 1
969
1 ,1 9 7
DISCOUNTED
0 5 2 2 ,3 0 7
5 3 1 ,6 9 0
4 8 2 ,3 1 5
4 4 7 ,1 8 5
429 , 600
3 5 0 ,1 3 1
2 9 3 ,8 9 5
2 7 3 ,6 3 8
2 6 6 ,1 9 9
1 ,1 3 6
723
C o n tr a c ts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES ■CONTRACTS)
_ ____________ ____________DURING WEEK ENDING AUGUST 1 3 , 1 9 2 4
_________________ .
(0 0 0 O m itte d )
GOVERNMENT SECURITIES
Net
B a lan ce
B a la n ce
C hange
Aug* 13
Au £ .
6
B o sto n
New Y~ rk
P h ila d e lp h i a
C le v e la n d
Richmcnd
A tla n ta
Chicago
S t . L o u is
M in n e a p o lis
K ansas C ity
D a lla s
San Francisco
TOTAL
0 3 8 ,2 4 1
1 7 7 ,0 3 9
3 1 ,1 3 7
5 6 ,0 2 6
5 ,1 2 5
1 ,9 5 8
7 4 ,5 8 6
1 4 ,8 7 4
2 6 r955
$ 3 7 ,3 9 8
1 8 2 ,3 5 4
3 0 ,8 0 0
5 4 ,1 7 2
5 ,1 2 5
0
843+
5 ,3 1 5 337+
1 ,8 5 4 +
0
264+
2 ,1 3 2 +
1 ,1 8 0 +
565-
3 1 ,5 5 1
2 6 ,5 1 0
5 6 *112
1 ,6 9 4
7 2 ,4 5 4
1 3 ,6 9 4
2 7 ,5 2 0
3 0 ,7 0 7
2 5 ,6 6 7
5 3 .9 2 1
844+
843+
2 .1 9 1 +
6540*114
&535.506
*^4.608+
BANKERS ACCEPTANCES
B a la n ce
Net
B a la n c e
Change
Aug* 13
Au k *
<3
$ 2 ,0 3 9
(/ 2 ,3 1 8
.6,827
921
968
0
139
1 ,2 6 0
19
213
4 36
3 ,2 1 1
6 ,9 9 6
1 ,0 8 8
1 ,4 2 9
0
$
139
1 ,4 9 8
27
290
2791691674610
0
238877-
9 62
4 ,6 5 3
52 51 ,4 4 2 -
... 1*272
1.561
289-
^ 1 7 .3 0 5
S20r961
03.655-
COMMKNT ON CHANGES FOR WEEK ENDED AUGUST 13
T o t a l e a r n in g a s s e t s o f th e System d e c lin e d $ 6 ,7 0 0 , 0 0 0 during th e week
and c a n c e le d th e r i s e o f th e p r e v io u s w eek.
B i l l s d is c o u n te d d e c lin e d f u r t h e r
$ 7 ,4 3 9 , 0 0 0 and a c c e p ta n c e s p u rch ased d e c lin e d $ 4 ,0 6 9 , 0 0 0 t o th e lo w est p o in t s in c e
1915*
T hese l o s s e s , however, were o f f s e t p a r t l y by th e advance o f $ 4 , 8 0 b ,0 0 0 in
h o ld in g s o f Government s e c u r i t i e s w hich r e p r e s e n te d p u rc h a se s f o r t h e System ’ s
S p e c i a l In v estm e n t A c c o u n t.
DECLASSIFIED
Authority E .0 -
-
2 -
M.ONEY MARKET
Money continued very easy in New York.
P a rtly r e fle c t in g the
gains t o the New York d i s t r i c t in ordinary tran saction s and f o r the account
of the Treasury of over $30,000,000, the supply of money on o f f e r in the
c a ll market was increased somewhat.
The time money market was q u iet, with
demand com paratively lig h t and money o ffe re d fr e e ly fo r period s up t o eig h t
months.
The commercial paper market was d u ll'.in New York with the p r e v a il
ing rate fo r prime names a t 3 t o 3 l / 4 per cent.
On Wednesday a few sales
o f e x ce p tio n a lly good paper maturing w ithin 90 days were reported a t 2 3 /4
per cent, but th«se sa le s have been made only in lim ited amounts.
- Last
Period
Call money, renewals, average
Call money, new loans, average
Time money, 61-90 days, average
Commercial paper, 4-6 months
Previous
Pe rio d
2. 00
2. 00
2 1 / 2 - 2 3 /4
3 - 3 1 /4
2,
2.
2
3
00
00
1/2 - 2 3 /4
l/4
SECURITY MARKETS
Stock
Market
Following the recent p eriod o f a c t iv it y , trading in stocks was
only m oderately a ctiv e and d a ily tra n sa ction s were under
1,000,000 shares.
The Dew-Jones average o f 20 ra ilro a d s advanced o w r a point.
In d u stria l
stock s, however, were s lig h t ly irr e g u la r so that the "Times” average o f 5 0
representative ra ilro a d and in d u stria l stocks was over a p oin t below the
yearTs high of August 4, which was also the highest point fo r t h is average
sin ce November 1919*
fleaeral
Bond
Market
Aided by the continued increase in bank investments bond tradin g
was again a ctiv e and tra n sa ction s fo r the p eriod to ta le d about $90,000,000,
the la rg e st weeks tradin g since the end o f June,
P rices were s lig h tly
irre g u la r with a ltern a te gains and lo ss e s in both the ra ilr o a d and indus*
t r i a l groups#
Under the in flu en ce o f various rumors o f mergers the
DECLASSIFIED
Authority £ . 0 .
-
3 -
demand fo r sp ecu la tiv e ra ilro a d s was increased somewhat and p rice s were
s lig h t ly sig n er.
The p rin cip a l a c t iv it y , however, was in the group o f fo reig n
"bonds*
Trading was a ctiv e and tra n sa ction s o f $22,000,000 were the
la rg e st t h is y e a r.
Due p r in c ip a lly to a c t iv it y in the United Kingdom
5 i/2 * s and the various French issues an average o f 10 fo re ig n bonds
advanced t o a netr
Foreign
Exchange
record high*
Foreign exchange ra tes were g en era lly
steady except fo r s lig h t
flu ctu a tio n s on rep orts from the London conference*
On Monday, August 11,
s te r lin g advanced t o $4*56 3 /4 , a new high sin ce September 1923; over 15
cents higher than at the f i r s t o f th is month and nearly 36 cents above
the y ea r’ s low on January 21*
On Friday, August 15, French francs at
5*70 cents and B elgian at 5*24 cents, were up 18 points re sp e ctiv e ly dur
ing the week.
New
Financing
New bond o ffe r in g s fo r the week ended August 1 5 ,to ta le d
$146,OCX),000, the th ir d hignest t o t a l o f the year and the la rg e st volume
o f new financing sin ce the middle o f February when #170,000,000 o f bonds
fo r the Japanese and Argentine Governments were o ffe re d *
R ailroad issu es
made up the bulk o f the new o ffe r in g s to ta lin g $82,000,000, with fo re ig n
issu es second at $25,000,000.
The la rg e s t sin gle o ffe r in g was $75,000,000
f i r s t mortgage 5 per cen t, bonds o f the Baltimore and Ohio R ailroad, due
1948 and p rice d to y ie ld 5.10 per cent*
These bonds were o ffe r e d t o
provide fo r the maturity o f a lik e amount o f p rio r lie n
3 l / 2 per cent*
bonds in July 1925*
Liberty
Bond
Market
Transactions in Liberty Loan bonds during the period to ta le d
over $22,000,000, the la rg e st sin g le week#s trading since the end o f June*
On Thursday, August 7, p rice s o f a l l issu es were su b sta n tia lly lower with
lo ss e s ranging from 5/32 to 15/32*
A subsequent recovery ca rried p rices
on tfoe Fourth 4 l / 4 rs and Treasury bonds o f 1947 ** 52 to new record p rices
DECLASSIFIED
Authority
£.0.
mQw
m
while other issu es were only fr a c t io n a lly lower than previous tnigVi
r e co r d s .
During the la t t e r part o f the p eriod , however, p rice s ‘
irre g u la r and closed s lig h t ly lower*
F irst
ir
Second
Third
Fourth
Treasury
Issue
Close
August 6
3
4
4
4
4
4
101.10
102.14
101.25
102.19
102.20
105.21
l/2 ’ s
l/4 » s
1 / 4 's
l/4 * s
1 /4 ’ s
1/4* s
Close
August 13
High for
Period
101.1
102.19
101.20
102.17
102.25
105.31
101.8
102.20
101.28
102.21
103.00*
106.4 *
* New high sin ce date o f issue*
New York
Market for
Short-term
Governments
The market fo r short-term Government s e c u r itie s was quiet
and in a c tiv e .
For the week ended August 6 rep ortin g member banks both
in New York City and throughout the System show su bstan tial reductions
in b o ld irg s o f short-term Government s e c u r it ie s , with a corresponding
increase in holdings o f L ib erty bonds and other investments*
This
s e llin g by banks and other fin a n c ia l in s tit u t io n s continued throughout
the week and with lack o f any strong demand p rice s have been ste a d ily
low er.
Notes maturing in 1926 and 1927 were from 5/32 to 7/32 lower
and present y ie ld s on various m atu rities are s lig h t ly higher than those
p rev a ilin g a week ago, as in d ica te d in the follow in g t a b le :
August 1^
U.
U.
u.
u.
u.
s.
s.
s.
s.
s.
C tfe . o f Ind.
C tfs . o f Ind.
Treas. Notes
Treas. Notes
Treas. Notes
maturing 4 to 6 months
maturing 10 to 12 mont hs
maturing 1 to 2 years
maturing 2 to 3 years
3 years
maturing over
1*38
2.58
3.06
3.40
3#47
August
1.89
2.48
2.97
3.32
3*41
BANKERS ACCEPTANCES
Rates
Dealers o ffe r in g rates fo r 90-day b i l l s were unchanged at
2 per cent*
Rates on 60-day b i l l s ranged from 1 7/8 to 2 per cent,
and b i l l s maturing Within 30 days were o f f e r e d at 1 3/4 per cen t.
Authority £ . 0 »
*?- 5
Abstract
o f Report's
from Banks
Bostoft reports a small supply o f b i l l s in the market.
Few
new b i l l s were made and most o f those were held by the accepting
bank*
The demand while not large
o f the supply.
fe a tu re le s s .
has been s u ffic ie n t to take care
In New York.the market generally was qu iet and
The supply continued moderate and most o f the b i l l s
appearing were o f short m aturity.
The demand was le s s than usual
and dealers p o r t fo lio s increased fa ir ly su b sta n tia lly*
reports a continued in a ctiv e market,
with a moderate supply*
Philadelphia
Tt>e demand has been ligfct
Cnicago rep orts a s ca rcity o f lo c a l names,
The demand fo r short m atu rities has been moderate with few b i l l s
a v a ila b le .
For the longer m aturities the market has been very dull*
OPERATIONS FOR ACCOUNT OF THE UNITED STATES TREASURY
On August 6, the Treasury authorized the purchase at the
market
$2,500,000 par value o f Fourth 4 i/4/1 Liberty Loan bonds
fo r account "Investment Individual Osage Indian Moneys*”
Purchases
against th is a u th orization were made in the various d is t r ic t s at
p rice s ranging from 102 10/32 to 102 21/32 as fo llo w s:
Boston
New York
Philadelphia
Chicago
| 250,000
1,500,000
250,000
500.000
$2j 500,000
M iscellaneous
At t he request o f the Treasury, the Federal Reserve Bank of
New York purchased $1,450 par amount Second 4 l/<$> Liberty Loan bonds
fo r account o f the In te rsta te Commerce Commission - General Railroad
Contingent Fund.
--------
DECLASSIFIED
Authority £ » 0 .
-
6
-
SYSTEM SPECIAL INVESTMENT ACCOUNT
Government s e c u r i t i e s
p u rch ased fo r
t h e i r a p p ortio n m en t t o th e p a r t i c i p a t i n g
a t the
c lo s e , o f b u s in e s s A ugust 13 are
T re a su r y
N otes
the S p e c ia l
reserve
shov/n in
C e r tific a te s
o f In d e b te d n e ss
Boston
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
C h icago
S t. L o u is
M in n e a p o lis
Kansas C it y
B a lia s
San F r a n c isc o
$ 2 6 ,5 1 4 ,4 0 0
1 3 4 ,8 2 5 ,2 0 0
8 , 8 0 9 , 2 00
3 5 ,8 2 4 , 6 0 0
2 ,8 7 9 ,7 0 0
8 3 2 ,9 0 0
5 1 ,7 5 6 ,1 0 0
1 1 ,8 0 1 , 3 0 0
1 5 ,2 3 1 , 2 0 0
1 7 ,5 1 2 ,9 0 0
1 9 ,3 4 6 , 4 0 0
3 6 .0 1 7 . 6 0 0
7 ,6 6 6 ,5 0 0
3 7 ,3 1 1 , 0 0 0
4 ,5 3 8 , 0 0 0
9 ,8 9 8 ,5 0 0
9 0 4 ,5 00
169,, 5 00
1 4 ,9 2 8 , 5 0 0
2 ,4 7 2 ,5 0 0
3 ,9 5 4 , 0 00
4 ,7 8 4 ,5 0 0
5 ,3 3 0 ,0 0 0
9 .7 9 6 .0 0 0
T o ta ls
$ 3 6 1 ,3 5 1 ,5 00
$ 1 0 1 ,7 5 3 ,5 00
RECAPITULATION OF PURCHASES
Made By
Amount
Boston
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
C h icago
S t. L o u is
M in n e a p o lis
D a lla s
San F r a n c is c o
$ 1 6 ,3 9 8 , 5 0 0
3 8 9 ,9 2 7 ,7 0 0
1 3 ,2 2 9 , 5 0 0
3 ,3 4 0 , 000
/
6 0 0 ,0 0 0
1 ,3 6 1 , 4 0 0
2 8 ,2 5 0 , 0 00
5 ,2 7 1 ,9 0 0
3 ,1 2 8 ,0 0 0
7 ,0 6 9 , 0 00
4 .5 2 9 .0 0 0
$ 4 7 3 ,1 0 5 ,0 0 0
$
In v e stm e n t A cco u n t and
banks amounted t o $ 4 7 3 ,1 0 5 ,0 0 0
the t a b l e g iv e n below :
T h ir d Liberfcy
Loan Bonds
T o ta l
1 ,1 0 0 . 000
$ 3 4 ,6 8 0 , 9 0 0
1 7 5 ,8 3 6 ,2 0 0
1 3 ,5 4 7 , 2 0 0
4 6, 9 2 3 ,1 0 0
3 , 7 8 4 ,2 0 0
1 ,1 0 2 ,4 0 0
6 7 ,8 8 4 , 6 0 0
1 4 ,8 7 3 , 8 0 0
1 9 ,4 8 5 , 2 0 0
2 2 ,7 9 7 , 4 0 0
2 5 ,2 7 6 , 4 0 0
4 6 ,9 1 3 . 6 0 0
$ 1 0 ,0 0 0 , 000
$ 4 7 3 ,1 0 5 ,0 0 0
$
5 0 0 ,0 0 0
3 ,7 0 0 , 0 0 0
2 0 0 , 000
1 ,2 0 0 , 0 00
0
1 0 0 ,0 0 0
1 ,2 0 0 ,0 0 0
6 0 0 ,0 0 0
3 0 0 , 0 00
5 0 0 , 000
600,000
RECAPITULATION OF PURCHASES 6Y MATURITIES
S e p t,
Dec,
March
June
Dec.
March
S e p t.
March
Dec.
T h ir d
S e p t.
15,
15,
15,
15,
15,
15,
15,
15,
15,
1924
1924
1925
1925
1925
1926
1926
1927
1927
L, Bds.
1 5 , 1928
$ 3 7 ,7 6 0 , 5 0 0
9 1 ,8 9 4 , 0 0 0
1 0 4 ,4 6 0 , 000
3 9 ,0 4 7 , 7 0 0
3 7 ,7 1 7 , 0 0 0
5 0 , 4 5 7 ,6 0 0
2 4 ,6 0 1 , 0 00
5 1 ,1 2 0 , 9 00
2 6 ,0 4 6 , 3 00
K
1 0 , 0 00 . 0 00
$ 4 7 3 ,1 0 5 . 000
N. EL
S in ce th e p e r io d cov ered by t h i s r e p o r t s p e c i a l exchange t r a n s a c t i o n s were
consummated on A u gu st 15 i n v o lv i n g th e s a le from th e System h o ld in g s o f $ 2 5 ,0 0 0 ,0 0 0
Septem ber 1 5 ^ 1 9 2 4 T r e a s u r y n o t e s on a 1 3/8/® and 1 .5 0 ^ b a s i s , and the pu rch a se in
re p la ce m en t o f a l i k e amount o f o th e r s h o r t-te r m Government s e c u r i t i e s a t p r i c e s
somewhat lo w er than c u r r e n t q u o t a t io n s .
DECLASSIFIED
Authority
t
E.Q. 1235%
7 -
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
ALL FBEERAL RESERVE BANKS FROM AUGUST 7 TO AUGUST 13, 1924_______
GOVERNMENT SECURITIES
Purchases
Boston
£> 202,500
540.000
£
New York
Issue
Sales
Part .System I n v .C /l
"
*
"T/N
£ 11,050
842.500
250,000
* 5,050,000
1,498,500
4.736.000
C ert, o f Ind.
4,050,000
Treasury Notes 12,800,000
Part .System ln v*C /I
"
”
'* T/N
$11.534.500
*$16,850.000
Philadelphia
.ssue
81,000
256.000
Cert* o f Ind.
Treasury Notes
Part.System In v.
"
"
" T/H
£337.000
Cleveland
445,500
1.408.000
Part.System I n v .C /l
ti
n
n T/ N
&1»853»500
Richmond
A tlanta
0
0
40,500
128,000
106f 800
Part .System In v .C /I
«
«
« t/N
MisCk Gov’ t 3ec#
■iai ^ s oo
Chicago
S t. Louis
486,000
1,536,000
110.700
Part .System Inv.C/X
n
n
n t/N
Fourth L. L.
283,500
896.000
Part .System I n v .C /l
"
"
" T/N
11,179,500
Held
Under Sales
Contracts
11,000
Misc* Gov*t Sec*
Reproduced from the Unclassified
DECLASSIFIED
I Declassified Holdings of the National Archives
Authority E.O »
•» 8 '*
GOVERNMENT SECURITIES - GONT' I)
Purchases
Minneapolis
§
Issue
Sales
Issue
Held
Under Sales
Contracts
81,000 Part.System I n v ,C /l #4,901,800 Misc.GovH Sec*
25 6,000
" '
°
” T/N
4.000,200
M isc. G ov't Sec.
&4»337.20Q
Kansas City
Dallas
202,500
640,000
2,000
Part .System Inv*C /l 0
*'
"
M isc. G ov't Sec.
202,500
640.000
Part,System In v .C /I
" T/N
200,000
"
T/N
0
&842.500
San Francisco
526,500
1,664,000
1.000
Part.System Inv*C/I
" T/N
M isc. Gov't Sec.
£2.191,500
T otals
&2U..-050
£21.762.800
*■ Purchased fo r System Account and apportioned on August 11, to tne
p a rtia ip a tin g reserve "banks
BANKERS ACCEPTANCES
Maturity
PURCHASES
Amount
Rate
Boston
MATURITIES
Amount
0
New York
1-30 days
31-60 "
61-90 "
Over®) "
2,236,000
61,000
81,000
2.000
2 1 /4
1 /8 - 2 3/8
1 / 4 - 2 1/2
1/ 4
Held Under
Sales Contracts.
$79,000
0
2,549,000
0
Reproduced from the Unclassified
I Declassified Holdings of the National Archives
DECLASSIFIED
Authority £ .Q « 13353
* 9 *
BANKERS ACCEPTANCES - CONT*D
Maturity*
PURCHASES
Amount
Rate
MATURITIES
Amount
Held Under
Sales Contracts
Philadelphia
0
167*000
0
Cleveland
0
461,000
0
Richmond
0
0
Atlanta
0
0
0
( 7 2 3 ,0 0 0
Unindorsed b i l l s
purchased from
accepting banks)
Chicago
238.000
0
8,000
0
Minneapolis
77,000
0
Kansas City
526.000
0
S t . Louis
Dallas
San Francisco
TOTALS
1,393,000
49.000 Soldto
Mem.Bks.
£1.442.000
1-30 days
53.000
£2,433.000
_
0
342,000
). 089.000
$723,000
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority
•\v.. .,.j
? c ■•.«■j, ‘ '
I
J?
£ j '•
*?J
"')T
V-/
'*au
August IX, 1024*
Dftur sir t f
Reoelpt Is acknowledged of your letter of
the fth instant, enclosing a report of transactions
in 0ov«fMRO& s«ouritie# «n4 bankers aeaeptano#* *•
reported to your coiamittee for the period from . July
SI to August 6, 19354, inclusive, toother with data
re ce iv e d by the Coaaatttee from the federal reserve
banka*
Very truly yours.
0. Hoell,
Assistant Secretary
Mr* W, B* Matteson, Seoretary,
Open Market Investment Ccmittee,
o/o Federal Hesorve Bank,
Hsir York, N. Y,
£.0.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority
%
Fe d
eral
o f
R
e s e r v e
Ne w
n k
Y o r k
Open Market Investment Committee
for the Federal Reserve System
Ba
August 9, 1924.
CONFIDENTIAL
S i r :
Enclosed i s a report o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee f o r the Federal Reserve
System for the p eriod from July 31 to August 6, 1924 in
c lu s iv e , togeth er with data received by the Committee from
the Federal reserve banks.
W. B. Mattes on
Secretary o f the Committee
Honorable D. R. C rissin g er,
Governor, Federal Reserve Beard,
Washington, D. C.
E nclosure.
E.O»
DECLASSIFIED
Authority
C ONF I DE NT I A L
REPOBT OF OPEN MARKET INVESTMENT COMMITTEE
WEEK ENDED AUGUST 6, 1924
CONTENTS
FEDERAL RESERVE BANK STATISTICS
Page
Comparison of Holdings - Earning Assets* - - - - - - « *
1
Changes in Holdings - Government S e c u r it ie s - - - - - -
1
Bankers Acceptances- - - - - - -
1
CURRENT CONDITIONS
Money Market - - - - - - - - -
- - - - - - - - - - - -
2
Secu rity Markets - - - - - - - - - - - - - - - - - - -
2
Foreign Exchange - - - - - - - - - - - - -
3
New Financing- - - -
- -
- -
- -
- -
- -
—
- -
- „ - —
- - -
3
Government S ecu rity Market - - - - - - - - - - - - - -
3
Bankers A cceptances- - - -
4
OPERATIONS FOR TREASURY - -
-
- -
-
- -
- -
- -
- -
- -
- -
-------------- --- ------------- ---
SYSTEM* S SPECIAL INVESTMENT ACCOUNT - ------------------
5
5
TRANSACTIONS AFFECTING INVESTMENT ACCOUNT ALL BANKS
Government S e c u r itie s - - - - - - - - - - - - - - - - -
7
Bbnkere Acceptances- -
9
£.0.
DECLASSIFIED
Authority £ . 0 »
- 1 -
COMPARISON OF HOLDINGS OF EARNING ASSETS OF FEDERAL RESERVE BANKS
FROM JANUARY 30 TO AUGUST 6. 1924_________________
(000 Omitted)
-1924Jan. 30
Feb. 27
Mar. 26
Apr, 30
May 28
June 25
July 30
Aug. 6
TOTAL
EARNING
ASSETS
♦GOVERNMENT
$914,881
950,801
942,080
873# 381
850,193
826,260
824,867
832,502
$120,772
155,801
257,256
301,660
333,282
429,794
505,281
535,517
SECURITIES
BANKERS ACCEPTANCES
Sales
Contracts
Purchases
BILLS
DISCOUNTED
$ 35,862
58,288
37,511
21,685
36,891
969
1,197
1,136
$235,930
205,022
164,947
102,800
49,869
44,065
23,244
20,961
$ 522,307
531,690
432,315
447,185
429,600
350,131
293,895
273,638
♦Includes Sales Contracts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY JEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
__________________ DURING 1EEK ENDING AUGUST 6. 1924
(000 Omitted)
GOVERNMENT SECURITIES
Balance
Net
Balance
August 6
July 30
Change
Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
$ 37,398
182,354
30,800
54,172
5,125
1,694
72,454
13,694
27,520
30,707
25,667
53.921
$535,506
$ 34,585
188,244
29,674
47,416
5,125
1,002
65,380
10,319
25,651
27,850
22,292
iLJ-32
$ 2,813+
5 ,8901,126+
6,756+
0
692+
7,074+
3,375+
1,869+
2,857+
3,375+
6.189+
$505,270
$30,236+
.
BANKERS ACCEPTANCES
Net
Balance
Balance
Change
July 30
August 6
$
.....
2,318
6,996
1,088
1,429
0
139
1,498
27
290
962
4, 653
.L561
&20.961
$ 2,537
7,567
1,287
1,686
0
209
1,542
49
345
1,186
4,987
I.J 49
$
$23,244
^2.283-
....
2195711992570
7044—
22—
55224334288-
COMMENT ON CHANGES FOR IflEEK ENDED AUGUST 6
T otal earning a ssets o f the System snowed a further net increase o f
$7,635,000 during the week and are at the highest point sin ce July 2* Follow ing
a s lig h t increase la s t week rediscou nts and advances d eclin ed $20,257,000 t o the
lowest! poin t sin ce October 1917, but th is d e clin e togeth er w ith a reduction in b i l l
holdings o f $2,344,000 was o f f s e t by the fu rth er advance in .Government se cu rity
holdings o f $30,236,000 which represented purchases fo r the System 's S p e cia l In
vestment Account.
f — D e c l a s s if ie d
j Authority £ . 0 »
•» 2 «*
MONEY MARKET
Month end requirements toad almost no e f f e c t on the money markets*
C all money was unchanged at 2 per ce n t, and su b sta n tia l amounts o f money
were l e f t unlent on the exchange each day*
were made at X 1 /2 per cent*
Outside o f the exchange loans
A new low record was e sta b lish e d fo r 60 day
time money at 2 per cen t.
The consaereial paper market was g en era lly a ctiv e and the propor
t io n o f short .dated names moving at 3 per cent* appeared to be increased
somewhat although the p re v a ilin g rate on prime names s t i l l remains at
3 1 /4 per cent.
Last
P eriod
C all money, renewals, average
C all money, new loans average
Time money, 61-90 days, average
Commercial paper, 4 -6 months
2.00
2.00
2 l/2 3 l/4
2 3 /4
Previous
Period
2.00
2.00
2 l / 2 - 2 3/4
3 l/4
SECURITY MARKETS
Stock
Market
A record o f 16 consecutive f u l l days trading in which sales
on the exchange were in excess o f
1,000,000 shares was brought to a con
clu sio n by reduced a c t iv it y on Wednesday, August 6.
Toward the la t t e r
part o f the p eriod stocks were s lig h t ly irr e g u la r and the "Times” average
o f 50 representative ra ilro a d and in d u stria l stocks a fte r advancing to a
new high poin t since November 1919 at 95.36 was approximately 1 /2 a point
lower at the close o f the p e rio d .
General
Bond
Market
Bond tra n sa ction s fo r the week to ta le d $83,000,000, p r a c t ic a lly
unchanged from the volume o f sa les fo r the previous week.
P rices were
s lig h t ly irr e g u la r and an average o f 40 domestic bonds was fr a c t io n a lly
below the y e a r’ s high p rice esta b lish ed on July 25.
High grade in d u s tr ia l
bonds were stronger than fo r some time past while high grade ra ilro a d
issu es which fo r the past two months have been the most a ctiv e group in
p rice advances were s lig h t ly low er.
Authority
E.0»
*•* 3 **
Aided by continued favorable rep orts from the London con
fe re n ce , trading in fo re ig n bonds was a ctiv e and tra n sa ction s fo r the
week t o t a le d over $18,000,000, the la rg e st s in g le week's tradin g th is
year*
Average o f 10 fo re ig n bonds advanced over a point during the
week to a new high*
Foreign
Exchange
Foreign exchange ra tes were e x ce p tio n a lly strong during the
l a t t e r part o f the period*
On Friday, August 8, S te rlin g advanced to
over $4.54, a new high sin ce October 1923, and a gain o f 33 l / 2 cents
from the year*s low on January 21*
A ll con tin en tal exchanges were
higher e s p e cia lly French and Belgian fra n cs , which clo se d on Friday,
August 8, at 5*52 and 5.06 cents r e s p e c tiv e ly .
New'
Financing
With $45,000,000 o f financing fo r the account o f foreig n
governments, the t o t a l new bond o ffe r in g s during the week ended
August 8 was $94,000,000 against $87,000,000 the week b e fo r e .
In
add ition t o fo re ig n financing the sta te and municipal and p u b lic
u t i l i t y groups made up the bulk o f the week's t o t a l*
The p rin cip a l
o ffe r in g s were $25,000,000 Kingdom o f Norway 6 per ce n t, bonds, due
1944, p riced t o y ie ld 6.22 per cen t, and $20,000,000 Government o f
Argentine 5 per ce n t, n otes, due 1925, to y ie ld 3.87 per cent*
Liberty
Bond
Market
In a moderately a ctiv e market the F ir s t, Third and Fourth
L iberty 4 l/4 $ issu e s and the Treasury bonds o f 1947 - 52 esta b lish ed
new high record p r ic e s while other issu es were only s lig h t ly lower
than previous record l e v e ls .
A subsequent re a ctio n caused a s lig h t
re ce ssio n in p r ic e s from th e ir high l e v e l s .
The Fourths and Second
4 1 /4 * s continued to be the most a ctiv e is s u e s .
Authority £ . 0 » 1235%
<* 4 —
F ir s t
"
Second
Third
Fourth
Treasury
3
4
4
4
4
4
l / 2 1s
l/4 fs
l/4 ’ s
l / 4 Ts
1/ 4*3
l/4 * s
*
New York
Market f 6r
Short-term
Governments
Cl os©
Julv 30
Close
August 6
101. 12
102.16
101.29
102.19
102.18
106.19
High f o r a l l time
101.10
102.14
101.25
102.19
102.20
105.21
High f o r
Period
101*14
102. 20*
101.31
102.23*
102.25*
105. 31*
The market fo r short-term Government s e c u r it ie s was q u iet
and a c t iv i t y was con sid erab ly diminished during the week*
Dealers
o ffe r in g p r ic e s on a l l issu es were g e n e ra lly lowered from l/3 2 t o
3/32 and y ie ld s on various m a tu rities a t present o ffe r in g p rice s were
s lig h t ly higher than those p re v a ilin g a week ago# as in d ica ted in the
follow in g ta b le ;
August 7
U.S. C tfs.
U.SL C tfs.
Treas.
U.S. Treas.
U.S. Treas.
of IndL
of Ind.
Notes
Not^s
Notes
maturing 4 to 6
maturing 10 t o IS
maturing 1 t o 2
.maturing 2 t o 3
maturing over 3
months
months
years
years
years
1. 89
2. 48
2. 97
3.32
3.41
July 31
1 .8 4
2.45
2.97
3.31
3.40
BANKERS ACCEPTANCES
Rates
Rates were p r a c t ic a lly uniform in a l l reporting d i s t r ic t s .
For 60 and 90-day b i l l s dealers bid 2 l / 8 per ceni^ and o ffe re d a t 2
per c e n t ,; 30-day b i l l s were 1 /4 per cent, lower than the lon g er ma
tu rities^
Abstract
of Reports
from Banks
Boston rep orts that the supply of b i l l s increased consid
e ra b ly during the la t t e r p art o f the p eriod and was s u f f ic ie n t t o
take care of lo c a l requirements.
from c i t y banks.
Demand was f a i r coming p r in c ip a lly
Short b i l l s were again in the b est demand. I#
New York the market was moderately a ctiv e and narrow.
Few fresh
b i l l s came in t o the market but the supply of seasoned b i l l s was sub
s t a n t ia lly increase^.
Demand was s lig h t ly le s s than f o r the previous
DECLASSIFIED
Authority E .0 »
- 5 -
week and dealers* cosbm ed p o r t fo lio s increased accordingly#
Philadelphia rep orts that tradin g in th e acceptance market continued
d u ll*
There was l i t t l e demand fo r b i l l s and o ffe r in g s were small*
Both c it y and ou t-of-tow n banks displayed very l i t t l e in c lin a tio n to
buy at th e present tim e and bankers were not w illin g t o d ispose o f
t h e ir b i l l s at th e p re v a ilin g ra te .
Chicago reports a very small
supply o f lo c a l names with th e general supply only moderate*
There
was an a ctiv e demand in that d is t r ic t fo r b i l l s o f short m aturities#
OPERATIONS FOR ACCOUNT OF THE UNITED STATES TREASURY
At th e request o f the Treasury, the Federal Reserve Bank
o f New York so ld during th e period ^1,844,200
4
various issu es o f
l/4)* L iberty Loan bonds fo r account o f the D is tr ic t o f Columbia
Sinking Fund*
SYSTEM SPECIAL INVESTMENT ACCOUNT
Holdings o f Government s e c u r itie s fo r th e S p ecia l Investment
Account fo r th e Federal Reserve System at th e c lo s e o f business August
/
6
aggregated
1 .4 6 7
,805,000 as shown in the t a b le given below.
Of th is
amount <£4 5 6 r 2 5 5 *0 Q0 has been apportioned t o p a r tic ip a tin g banks on
p rev iou sly establish ed ra tio s and ^1 1 , 5 5 0 , 0 0 0 , which have been pur
chased sin ce August 1, are being held tem porarily by the Federal Reserve
Bank o f New York fo r la t e r apportionment on th e basis o f the new ra tio s
o f p a r tic ip a tio n computed from th e July 31 reports*
DECLASSIFIED
Authority £ . 0 .
-
C e r tific a te s
o f In d e b te d n e ss
T re a su ry
N otes
B o sto n
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
Chicago
S t* L o u is
M in n e a p o lis
Kansas C ity
D a lla s
San F ra n c isc o
6 -
$ 2 5 ,8 7 4 ,4 0 0
1 3 0 ,0 8 9 ,2 0 0
8 , 5 5 3 ,2 0 0
3 4 ,4 1 6 ,6 0 0
2 ,8 7 9 ,7 0 0
7 0 4 ,9 0 0
5 0 ,2 2 0 , 1 0 0
1 0 ,9 0 5 ,3 0 0
1 4 ,9 7 5 , 2 0 0
1 6 ,8 7 2 , 9 0 0
1 8 ,7 0 6 , 4 0 0
34* 3 5 3 ,6 0 0
$ 7 , 4 6 4 ,0 0 0
$ 3 4 8 ,5 5 1 ,5 0 0
o f August
RECAPITULATION OF PURCHASES
Made By
Amount
B o ston
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
C hicago
S t* L o u is
M in n e a p o lis
D a lla s
San F ra n c isc o
$ 1 6 ,3 9 8 , 5 0 0
3 8 9 ,9 2 7 ,7 0 0
1 3 ,2 2 9 , 5 0 0
3 ,3 4 0 ,0 0 0
6 0 0 ,0 0 0
1 ,3 6 1 ,4 0 0
2 7 ,7 5 0 , 0 0 0
1 ,9 7 1 ,9 0 0
1 ,6 2 8 ,0 0 0
7 ,0 6 9 , 0 0 0
4 ,5 2 9 ,0 0 0
$ 4 6 7 ,8 0 5 ,0 0 0
6,
$
$ 3 3 ,8 3 8 ,4 0 0
1 6 9 ,6 0 1 ,7 0 0
1 3 ,2 1 0 , 2 0 0
4 5 ,0 6 9 , 600
3 , 7 8 4 ,2 0 0
9 3 3 ,9 0 0
6 5 ,8 6 2 ,6 0 0
1 3 ,6 9 4 ,3 0 0
5 0 0 ,0 0 0
0
1 0 0 ,0 0 0
1 ,2 0 0 ,0 0 0
2 ,1 8 9 * 0 0 0
3 ,8 7 3 ,0 0 0
4 , 5 8 2 s0 0 0
5 , 1 2 7 ,5 0 0
9 , 2 6 9 ,5 0 0
6 0 0 ,0 0 0
3 0 0 ,0 0 0
5 0 0 ,0 0 0
6 0 0 ,0 0 0
1 ,1 0 0 ,0 0 0
$ 9 7 ,7 0 3 ,5 0 0
$ 1 0 ,0 0 0 ,0 0 0
1924
T o ta l
3 ,7 0 0 ,0 0 0
2 0 0 ,0 0 0
1 , 2 0 0 ,0 0 0
3 5 ,8 1 2 ,5 0 0
4 ,4 5 7 ,0 0 0
9 ,4 5 3 ,0 0 0
9 0 4 ,5 0 0
1 2 9 ,0 0 0
1 4 ,4 4 2 ,5 0 0
H eld te m p o r a r ily by New York a w a itin g l a t e r
T o t a l p u rc h a se s c lo s e
T h ir d L ib e r t y
Loan Bonds
1 9 ,1 4 8 ,2 0 0
2 1 ,9 5 4 ,9 0 0
2 4 ,4 3 3 ,9 0 0
4 4 ,7 2 3 ,1 0 0
$ 4 5 6 ,2 5 5 ,0 0 0
d is tr ib u tio n - - - - - -
-!Lt55l5Li
-
----------
$ 4 6 7 ,8 0 5 ,0 0 0
RECAPITULATION OF PURCHASES BY MATURITIES
S e p t.
D ec.
March
June
D ec.
March
S e p t.
March
15,
15,
15,
15,
15,
15,
15,
1924
1 92 4
1925
1925
1925
1926
1926
1 5 , 1927
Dec*
1 5 , 1927
T h ird L* L* Bds*
S ep t* 1 5 , 1 92 8
$ 3 7 ,7 6 0 ,5 0 0
9 1 ,8 9 4 , 0 0 0
1 0 4 ,2 1 0 ,0 0 0
3 7 ,5 4 7 ,7 0 0
3 7 ,7 1 7 ,0 0 0
4 9 ,9 5 7 ,6 0 0
2 3 ,3 5 1 ,0 0 0
5 0 ,1 2 0 , 9 0 0
2 5 ,2 4 6 ,3 0 0
1 0 ,0 0 0 , 0 0 0
$ 4 6 7 ,8 0 5 ,0 0 0
DECLASSIFIED
Authority
E.O. 1235%
- 7 -
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
________ALL FEDERAL RESERVE BANKS FROM JULY 31 TO AUGUST 6 . 1924________
GOVERNMENT SECURITIES
Purchases
Boston
$
331,000
1,981,800
500.000
Issue
Sales
Issue
$ 11,050
Part.System In v .C /I
T/N
L/L
& 2.812.800
New York
$ 2,449,500
14,664,900
3,700,000
*3,800,000
*7.750.000
P h iladelphia $
132,500
792,700
200.000
3,620,000 C ert. o f Ind,
24,635,000 Treas. Notes
10,000,000 Third L.L.
Part-System In v*C /l
T/N
L/L
**
^3.2.364.400
Part.System I n v .C /l
T/N
l/ l
£38.255.000
0
fel,125.200
Cleveland
$
794,500
4,75 6,200
1 ,2 0 0 , 0 0 0
5,000
Part.System In v .C /I
T/N
L/L
B-1924
$6,755.700
Richmond
A tlanta
0
$
138,450 M isc. Govt. S ec.
66,000 Part.System In v .C /I
»
n
i* T/N
396,300
L/L
100.000
700.750
Chicago
$
794,500 Part,System I n v .C /l
4,756,200
”
"
" T/N
1,200,000
"
"
M L/L
323.100 Fourth L. L*
& 7.073.800
S t. Louis
|
397,000 P a r t.S y s te m In v .C /I
2,378,100
"
,r
" T/N
600.000
"
"
M L/L
& 3 .3 7 5 .1 0 0
Held
Under Sales
Contracts
9,350
M isc. Govt. Sec,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority E .O -
8 -
GOVERNMENT SECURITIES - CONT'D
Purchases
Minneapolis
$2,301,650
198,500
1,189,100
300,000
Issue
Sales
M isc. Govt* Sec*
Part.System I n v .c /l
"
"
" T/N
"
M
” L/L
|2,120,150
Issue
Held
Under Sales
Contracts
0
M is c .G o v t .S e c .
&3*989.250
Kansas City
$
331,000
1,981,800
500,000
44.150
Part.System Inv#C /I
*
"
" T/N
”
”
'* L/L
Misc* Govt* Sec*
$2.856,950
Dallas
$
397,000
2,378,100
600,000
Part,System Inv*C /l
T/N
L/L
£3,375 gpO
San Francisco $
728,500
4,359,800
Part .System In v .C /I
1 .1 0 0 .0 0 0
L/L
«
t /N
$6,188.300
Totals
$70.617.350
UP, 384,500
f i l l . 050
* Represents purchases sin ce August 1 o f U. S. S e c u r itie s fo r System
Account and held tem porarily by the New York bank pending apportion
ment to the p a r tic ip a tin g reserve banks.
** Represents apportionment on July 31 o f s e c u r itie s previously held
tem porarily by the New York bank from July 17 to July 30.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
j
j Authority E .O -
BANKERS ACCEPTANCES
PURCHASES
M a tu r ity
Boston
New York
A&ount
-
- G-
1-30 days
0 2,077,000
Rate
2 l/4/£
MATURITIES
Am&unl
| 219,000
Held Under
S a l e s Contracts
$
180,000
2,648,000
-
0
-
199,000
•
0
-
257,000
_
0
-
-
0
-
-
P hiladelphia
-
-
0
-
Cleveland
-
-
0
-
Richmond
-
-
0
-
A tlanta
-
- 0 -
70,000
Chicago
-
- 0 -*
44,000
St * Louis
-
-
-
-
2 2 ,0 0 0
-
0
-
Minneapolis
-
• 0 -
-
55,000
-
0
-
Kansas City
-
-
-
-
224,000
-
0
-
200*000
-
534,000
- 0 -
421,000
- 0 -
Dallas
In other
d is t r ic t s
SS,n Francisco 1-30 days
31-60 "
0
0
83,000
....... ,50.000
-
-
Y/4%
1/4JW2 3/e/.
2
0
-
(956,000
Unindorsed h i l l s
purchased frcci
accepting banks)
- 0 -
&. .133 .000
totals
*4.693.000,
11*136.000. .
------ . ..,
........... ,
I
... ,
BECLASSIFIED
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority
/
h
August 6t 1024
Dear S ir*
Receipt i i acknowledged of yovac le tte r o f
the 2nd ln*tant# enclosing report o f tranenotlcms in
Oovernjnont seouritiea and banker® acceptances aa re
ported to the Open Market Inv#*tE»nt' Oamitteo for
th# Federal Reserve System for the period from July
24 to July SO* 19t4f inclusive*
Yery tru ly your**
(S ig n e d )
J. C. Noeil
J. C. Noell,
Assistant Seoretary
Mr* W* B# Ifatteeon* Secretary,
Open Market Inrertiaint CoHffiittee,
o/o Federal Be#erre Bank,
New Yorfc* if* Y*
; 0 . / C) ,S Q f
Reproduced from the Unclassified
I Declassified
'
Holdings of the National Archives
'
DECLASSIFIED
,0 .
Authority
Fe
d er al
R
e s e r v e
r\
Ba n
RECEIVED
o f
Ne w York
tj- 1924
O F F IC E
O F
THE GOVEBJSTOB
Open Market Investment Committee
fo r the Federal Reserve System
August 2, 1924
CONFIDENTIAL
S i r :
Enclosed i s a report o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the period from July 24 to July 30, 1924 in c lu
s iv e , togeth er with data received by the Committee from
the Federal Reserve Banks.
R e sp e c tfu lly ,
W. B. Matteson
S ecretary o f the Committee
Honorable D. R, C r is s in g e r ,
Governor, F ederal Reserve Board,
Washington, D. C.
E n closure
\
f £ ) S C ) I
DECLASSIFIED
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority
C O N F I PS N T I A L
REPORT OF OPEN MARKET INVESTMENT COMMITTEE
WEEK ENEED JULY 30, 1924
CONTENTS
FEDERAL RESERVE BANK STATISTICS
PefiP
Comparison o f Holdings •• Earning Assets
V
Changes in Holdings • Government S e c u r itie s - - - *•
li
Bankers Acceptances
1
CURRENT CONDITIONS
Money Market
2
S ecu rity Market —
2
Foreign Exchange
3
New Financing
- - - - - - - - - - - - - - - - -
©ankers Acceptances
- - - - - - - - - - - - - - -
OPERATIONS. FOR TREASURY - -
- -
- -
- -
TRANSACTIONS AISSCTINO INVESTMENT ACCOUNT ALL BANKS,
Banker a Acceptances
•
5
--------------------- ------------------------------- 5
SySTEM>S SPECIAL INVESTMENT ACCOUNT - - -
Government S e cu ritie s
3
-
5
;Q .
I £ ) S O
f
DECLASSIFIED
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
;Q . /
£ ) S O
COMPARISON OF HOLDINGS OF EARNING ASSETS OF FEDERAL RESERVE BANKS
FROM JANUARY 30 TO JULY 30, 1924
( 0 0 0 Omittedj
-1924Jan, 30
Feb. 27
March 26
A pril 30
May
28
June 25
July
2
ii
9
•»
16
it
23
•i
30
TOTAL
EARNING
ASSETS
♦GOVERNMENT
§914,881
950,801
942,080
873,381
850,193
826,260
858,556
820,972
810,495
800,823
824,867
$120,772
155,801
257,256
301,660
333,282
429,794
435,494
450,500
466,574
477,211
505,281
SECURITIES
*
BANKERS ACCEPTANCES
Sales
Contracts
Purchases
BILLS
DISCOUNTED
$35,862
$235,930
205,022
164,947
102,800
49,869
44,0 65
36,069
38,973
36,057
30,408
23,244
58 ,2 8 8
37,511
21,685
36,891
969
16,742
19,536
1,371
1 ,1 2 2
1,197
$522,307
531,690
482,315
447,185
429, 600
350,131
369,001
310,713
305,243
290,832
293,895
Includes sa le s contract*
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SAUES CONTRACTS )
_________________
DURING TOK ENDING JULY 30. 1924
(OOO Omitted)
GOVERNMENT SECURITIES
Balance
Balance
Net
July 30
Change
July 23
Boston
New York
P hiladelphia
Cleveland
Richmond
A tlanta
Chicago
S t. Louis
Minneapolis
Kansas City
D allas
San Francisco
T otals
$ 34,585
188,244
29,674
47,416
5,125
1,0 0 2
$ 34,585
160,574
29,674
47,260
5,125
$
o27,670+
0
156+
65,380
10,319
25,651
27,850
22,292
-47,732
65,3*0
10,319
25,621
27,837
22,292
47,732
$505,270
$477,197
$
209
1,542
49
345
1,186
4,987
1. 849
$ 2,961
10,424
1,436
2,175
232
363
1,901
124
715
1,452
5,802
2.823
$23, 244
$30,408
$7,164-
$ 2,537
7,567
1,287
1 ,6 8 6
0
0
194*
10+
808
BANKERS ACCEPTANCES
Net
Balance
Balance
July 23 Change
July 30
0
30+
13*
0
0
$>28,073*
4242,85714940923215435975370266—
815974-
COMMENT ON CHANGES FOR WEEK ENDED JULY 30
An increase in t o t a l earning a ssets o f the System o f 024,043,000 brought
t o t a l to the highest point sin ce July 2 . Holdings o f Government s e c u r it ie s in
creased $28,070,000, o f which $27,670,000 represented purchases nade during the
week fo r the System*s S p ecia l Investment Account. Following d eclin e fo r three
su ccessive weeks discounts and advances were increased $53,063,000 but th is advance
was o ffs e t by a further redu ction o f $7,164,000 in W ill holdings.
I
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority
;Q .
I
~ 2 MONEY MARKET
D uring ttte week ended July 30 th e New York d i s t r i c t
o rd in a ry
ued i n la r g e
f o r th e a cc o u n t o f th e T re a s u r y *
su p p ly and r a t e
a t 2 p er c e n t . , w h ile
fo r
Money,
however,
c o n t in
c a l l money on th e S to c k Exchange r u le d unchanged
The demand was somewhat in c r e a s e d a lth o u g h tu r n o v e r o f new lo a n s s t i l l
Tttere has been a f u r t h e r
in c r e a s e
w hich have o u ts ta n d in g
f o r th e m s e lv e s and t h e i r
re
s in c e l a s t Wednesday
o f a p p ro x im a te ly § 2 0 ,0 0 0 , 0 0 0 in th e t o t a l s t r e e t lo a n s o f d a i ly
r e p o r t in g banks
c o r re sp o n d e n ts a la r g e p e rc e n ta g e
su ch l o a n s .
There has been in c r e a s e d a c t i v i t y
b e in g p r i n c i p a l l y
to
in
i n th e o u t s id e m arket lo a n s were f r e e l y made a t 1 1 / 2 p er
m ains c o m p a r a tiv e ly s m a l l .
of a il
£ 3 0 ,0 0 0 ,0 0 0
com m ercial and f i n a n c i a l t r a n s f e r s th ro u g h th e G old Fund b u t g a in e d
$8,OOOt GGO i n t r a n s f e r s
cen t*
lo s t
3 1 /2
at 2 1 /4
i n th e tim e money m a rk e t, th e demand
f o r th e lo n g e r m a t u r i t i e s .
per c e n t * ,
Nom inal q u o t a t io n s ran ged from 2 l / 2
depending upon th e m a t u r it y , b u t
per c e n t . , w it h some s i x m onths* m a t u r i t i e s
6 0 -d a y lo a n s were r e p o r te d
a t 3 1 / 4 p er c e n t .
Commercial p a p er d e a le r s r e p o r t a very a c t i v e w e ste rn m a r k e t.
dated paper was s o ld
a t 3 per c e n t . , b u t t h i s
names g e n e r a ll y d is c o u n t a t 3 l / 4
per c e n t .,
Some s h o r t
has b e e n o n ly i n s m a ll amounts* Prime
w ith l e s s
known names a t 3 l / 2
per
c e n t.
L ast
P e r io d
C a l l money, r e n e w a ls , av erage
C a l l money, new l o a n s , a v e r a g e
Time money, 6 1 -9 0 d a y s, a v era g e
Com mercial p a p e r , 4 * 5 months
P r e v io u s
P e rio d
2 *0 0
2 .0 0
2 1 /2 -
2 .0 0
2 .0 0
2 l / 2 - 2 3 /4
3 1 /4 - 3 l / 2
2 3 /4
3 l/4
SECURITY MARKETS
T ra d in g on th e S t o c k Exchange c o n tin u e d a c t i v e
e x c e e d in g 1 , 0 0 0 , 0 0 0 s h a r e s .
On T h u rsd ay,
J u ly 3 1 ,
th e
w ith d a i l y t r a n s a c t i o n s
"T im e s ’* a v era g e o f 50 r e p r e
s e n ta tiv e
r a i l r o a d and i n d u s t r i a l s to c k s e s t a b l i s h e d a new h igh p o in t
a t 9 4 .1 1 ,
w hich i s
th e
a f r a c t i o n above th e
h ig h e s t f o r ar\y y e a r s i n c e 1 9 1 6 *
h igh p o in t f o r t h i s
f o r th e y e a r
average i n 1 9 2 0 ,
T h is advance o f a p p ro x im a te ly 1 2 p o i n t s
and
has
UIDtLASSUU/li
Reproduced from tfee U B c l® § ^ /© 8 ^ iiffie d Holdings of the National Archives
Aut ho ri ty , Q . I C ) S O I
4*
«. 3 •»
taken p la ce since the f i r s t week in June,
Bond tradin g was again a c t iv e , tra n sa ctio n s fo r the woek t o t a l e d
$83,000,00° against $89,000,000 the previous week, A c t iv it y and p r ic e a d vances were mainly in the ra ilro a d and p u b lic u t i l i t y groups ana in c e r
ta in in d u s t r ia ls .
An average o f 40 dom estic bonds establish ed a new high
for the year*
Bonds o f foreign governments were g en era lly a ctiv e and steady.
With reports o f the co n tro l o f the rev olu tion in Sao Paulo, B ra zilia n
bonds advanced from
1
to
2
1 /2
p o in ts and brought the average o f
10
fo r
eign issu es to a new high p oin t for the year.
Foreign
Exchange
Foreign exchange rates were again ir r e g u la r on c o n f l ic t in g r e p orts from the London conference on the Dawes p la n .
S te rlin g closed alii
$4,40, o f f 1 3 /4 cents from the year’ s high p rice esta b lish ed la s t week*
French francs fo r the f i r s t time sin ce June
6
broke through the 5 cents
le v e l to 4*98 ce n ts, but recovered la t e r to 5*01 ce n ts, while B elgian francs
closed at 4.54 ce n ts.
Leading South American and Far Eastern exchanges
were s lig h t ly lower*.
New
Financing
The volume o f new financing showed a su b sta n tia l increase and
fo r the week ended August 1 new bond o ffe r in g s to ta le d $87,000*000,
against $35,000,000 o ffe r e d la s t week.
The la rg e st sin g le o ffe r in g was
$29,000,000 fo r the Canadian N ational Railways*
In the p u b lic u t i l i t y
group $20,000,000 P u b lic S ervice Corporation o f New Jersey
6
per cent*
bonds, due 1944, were o ffe r e d to y ie ld 6,35 per cent*
Car loadings fo r the United S tates fo r the week ended J u ly 19
Loadings
to ta le d 930,284, the la rg e s t fo r any week t h is year sin ce March 1, and
an advance o f 19,869 ca rs from over the previous week.
R e fle ctin g the
improved p r ic e s fo r grain and the d e sire t o market these commodities as
ra p id ly as p o s s ib le grain and grain produ cts loaded during the week o f
J u ly 19 to ta le d 47,628 ca rs, an increase ov er the previous week o f 5,658
cars*
p
DECLASSIFIED
Reproduced from the Unclassified-'/- Declassified Holdings of the National Archives
Authority;Q .
/ £ ) S O
4 **
Liberty
Market
Renewed in t e r e s t in L iberty Loan bonds re su lte d in a c tiv e tra d la g In \£vich tra n sa ction s fo r the p eriod to ta le d $15,500,000, the la rg e st
for any week th is month-
I n s t it u t io n a l buying ca rrie d p r ic e s on a l l the
4 1 /4 per cen t* Issu es to new re co fd p r ic e s with gains o f from 5/32*s
t o 8/32*3 over the previous high p r ic e s which were esta b lish ed g en era lly
during the la s t week in June*
A c t iv ity was again p r in c ip a lly in the
Second and Fourth 4 1 /4 per cent - is s u e s , ^Adle the Treasury 4 l / 4 per
cent* bonds o f 1947-52 showed the g re a te st p r ic e increase^ advancing
23/32*s from over the previous week, as in d ica ted in the follow in g t a b lo :
I .m
F irst
3
w
4
Second
4
Third
4
Fourth
4
Treasury 4
e
1/2*8
1/4* s
1/4*8
l /4 * s
1/4*8
1 / 4 's
Close
iu J xJ S l
101.16
102 *10
101.22
102 *12
102.11
105.03
High fbr
JkJfer l a i .
101 .16
*102.17
*102.00
*102 .22
*102.21
*105.26
Close
M A ja
f 1 0 1 .1 2
102*16
101 *29
102.19
102 .18
105.19
♦ High fo r a ll time
tjlfflC, Toffr
■foorfc.tgjflfl
In te r e s t in United States Government s e c u r it ie s centered p rin c i p a l ly in the higher y ie ld L iberty Loan bonds and there was only a
^ y j £ B E m t .a
moderate amount o f a c t iv it y In the shofrt**term Government market*
Buying
was in U n ite d amounts w hile o ffe r in g s were small so that p r ic e s gen
e r a lly were unchanged, except fo r the 5 1/2 per e e n t. Treasury Notes mature
in g September 1$, 1924, which were 3/321# low er*
The follow in g ta b le com
pares y ie ld On various m a tu rities of short-Governments, at present*offer
ing p r i c e s , w ith those p re v a ilin g a week ago*
M xJJL
1 <£4
2.45
2.97
3.31
3.40
Ix X zM
1 *84
2.51
3.00
3.32
3.41
I
DECLASSIFIED
Reproduced from the U ncfasffed/ ’Declassified Holdings of the National Archives
Authority
;Q .
I Q ) S O
* 5 BANKERS ACCEPTANCES
R a te s
R ates i n a l l
unchanged a t 2 l / 8
d is tr ic ts
p er c e n t , b i d ,
and P h ila d e lp h ia r a t e s ,
lo w ered 1 / 8
however,
per c e n t , t o
fo r
60 and 9 0 - day b i l l s
2 per c e n t , o f f e r e d *
rem ained
In B o s to n
on th e s h o r t e r b i l l s were g e n e r a ll y
2 per c e n t* b i d and 1 7 / 8
per c e n t*
o ffe r e d .
New York d e a le r s * b i d r a t e s on 3 0 * s were lo w ered g e n e r a ll y t o
1 7 /8
A b stra ct
o f R ep orts
from Banks
p er c e n t , and s u b s t a n t i a l am ounts were s o l d a t 1 3 / 4 p e r c e n t*
3 o s t o n r e p o r t s a c o n tin u e d s m a ll su p p ly o f b i l l s
are g e n e r a ll y
h o ld in g t h e i r own b i l l s *
a s banks
The demand was p r i n c i p a l l y
f o r th e s h o r t m a t u r i t i e s and e x c e ed ed th e s u p p ly .
In New Y ork,
w ith c o n tin u e d easy money c o n d i t io n s , banks were a n x io u s t o buy
r a th e r th a n t o
d e a le r s
s e ll b i l l s .
The su p p ly was e x c e e d in g ly s m a ll and
c o u ld not a d e q u a te ly ta k e
v e r y few b i l l s
care o f th e demand.
under 6 0 -d a y s and d e a l e r s '
reached a new low p o in t
f o r th e y e a r *
k e t was q u i e t w ith l i t t l e
There were
combined p o r t f o l i o s
In P h ila d e lp h ia th e b i l l mar
b u yin g e i t h e r by l o c a l o r in la n d banks*
Chicago r e p o r t s a s m a ll su p p ly w ith an e x c e l l e n t
demand f o r s h o r t
m a tu r itie s .
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
At th e r e q u e s t o f th e T re a su ry th e F e d e r a l R eserv e Bank o f
New York pu rch ased y 5 8 ,7 5 0 Fourth L i b e r t y Loan 4 1 /4 /* bonds fo r a c
count o f th e F o re ig n S e r v ic e R etirem e n t and D i s a b i l i t y
Fund.
SYSTEMS SPECIAL INVESTMENT ACCOUNT
As s t a t e d i n th e S e c r e t a r y ’ s l e t t e r
G overn ors o f a l l p a r t i c i p a t i n g b a n k s ,
pu rch ased f o r th e System accoun t s in c e
$ 1 0 0 ,0 0 0 ,0 0 0 a u t h o r i z a t i o n ,
o f J u ly
31 t o th e
th e Government s e c u r i t i e s
J u ly 1 6 , under th e new
and w hich were b e in g h e ld te m p o r a r ily
in th e New York bank were a p p o r tio n e d on Ju ly 31 i n o rd e r t h a t th e
I
Reproduced from the Unclassified-/ D@ei®s§#f$d Holdings of the National Archives
AuthorityX -
,Q >.
I O S O
1____
6
-
p ro r a ta sh a re
fig u r e s .
of each p a r t i c i p a t i n g
T h ese p u r c h a se s,
s p e c ia l
bank m ig h t be in c lu d e d in t h e i r J u ly
a g g r e g a tin g $ 5 6 ,2 5 5 , 000,
of r a t i o s e s t a b l i s h e d from th e
l o t t e d were
-
June 3 0 r e p o r t s .
were a p p o r tio n e d
bonds which
o f f e r i n g made t o the New York bank and w hich,
o f a l l members
were p u rch a sed f o r the System account*
t h e i r a p p ortio n m en t t o a l l
of
r e p r e s e n te d a
upon a p p ro v a l
Government s e c u r i t i e s p u rch ased f o r th e S p e c ia l
c lo s e
b a s is
In c lu d e d in the p u rc h a s e s a l
$ 1 0 ,0 0 0 ,0 0 0 T h ir d L ib e r t y Loan 4 l /4 /o
o f th e Com m ittee,
on th e
F ed eral
re s e r v e
In v e stm e n t A ccou n t and
banks a g g r e g a te d $ 4 5 6 ,2 5 5 , 0 0 0 a t the
b u s in e s s J u ly 31 a s f o l l o w s :
Boston
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
C h icago
S t. L o u is
M in n ea p o lis
Kansas C i t y
D a lla s
San F r a n c is c o
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n ta
C h icago
S t. L o u is
M in n e a p o lis
D a lla s
San F r a n c is c o
T o ta l
C e r tific a te s
o f In d e b te d n e ss
$ 2 5 ,8 7 4 ,4 0 0
1 3 0 , 0 8 9 ,2 0 0
8# 5 5 3 ,2 0 0
3 4 , 4 1 6 ,'6 0 0
2 ,8 7 9 ,7 0 0
704, 900
5 0 ,2 2 0 ,1 0 0
1 0 ,9 0 5 , 3 00
1 4 ,9 7 5 , 2 0 0
1 6 ,8 7 2 , 9 0 0
18, 706, 400
34. 353. 600
$ 7, 4 6 4 , 0 00
3 5 ,8 1 2 , 5 0 0
4, 4 57 , 0 0 0
9, 453, 0 00
9 0 4 ,5 0 0
1 2 9 , 0 00
1 4, 4 4 2 ,5 0 0
2 ,1 8 9 ,0 0 0
3, 8 7 3 , 0 0 0
4 ,5 8 2 , 0 0 0
5 ,1 2 7 ,5 0 0
9 .2 6 9 . 5 0 0
$
1, 2 0 0 , 0 0 0
6 0 0 , 000
300, 000
5 0 0 ,0 0 0
600, 000
1 .1 0 0 . 0 0 0
1 3 ,6 9 4 , 3 0 0
1 9 ,1 4 8 , 2 0 0
2 1 ,9 5 4 , 9 0 0
2 4 ,4 3 3 , 9 0 0
4 4. 7 2 3 f 1 0 0
#348, 551, 5 0 0
$ 9 7 ,7 0 3 ,5 00
$ 1 0 , 0 00 , 0 00
$ 4 5 6 ,2 5 5 , 0 0 0
RECAPITULATION OF PURCHASES
Made By
Amount
Boston
New York
T h ir d L i b e r t y
Loan Bonds
T reasu ry
N o tes
$ 1 6 ,3 9 8 , 5 0 0 .
3 8 3 ,3 7 7 , 7 0 0
1 0 , 7 2 9 ,5 00
3 ,3 4 0 , 0 0 0
6 0 0 , 000
1 ,3 6 1 ,4 0 0
2 6, 150, 000
1 , 1 7 1 ,9 0 0
1, 6 2 8 , 0 00
7, 069, 0 00
4 , 4 2 9 , OOP
$456,255, 000
5 00,
3* 7 0 0 ,
200,
1 ,2 0 0 ,
-0 *
100,
0 00
000
000
000
$ 3 3 ,8 3 8 , 4 0 0
1 6 9 ,6 0 1 ,7 0 0
1 3 ,2 1 0 ,2 0 0
45, 0 6 9 ,6 00
3 ,7 8 4 ,2 0 0
0 00
933, 900
6 5 ,8 6 2 ,6 0 0
RECAPITULATION OF PURCHASES BY MATURITIES
Sept*
Dec,
March
June
Dec,
March
S ep t,
March
Dec,
S e p t.
T h ir d
1924
1924
1925
1 5 , 1925
15, 1925
1 5 , 1926
1 5, 1926
15, 1927
15, 1927
1 5, 1 9 2 8 }
l , :L. 3ds)
15,
15,
15,
$ 3 7 ,7 6 0 , 5 0 0
9 0 ,8 9 4 , 0 0 0
9 9 ,9 1 0 , 0 0 0
3 6 ,5 4 7 , 7 0 0
37, 717, 000
4 8 ,6 5 7 , 6 00
2 3 ,1 5 1 ,0 0 0
4 8 ,2 7 0 , 9 0 0
2 3 ,3 4 6 , 3 0 0
1 0 , 0 00 , 0 0 0
$ 4 5 6 ,2 5 5 , 0 0 0
I
r
---------- m^GXSSXFXCTD-------
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u th o rity ;Q . /
C)SO f
. 7 «
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
ALL FEDERAL RESERVE BANKS FROM JULY 24 TO JULY 3 0 ,
1 9 2 4 _____________
GOVERNMENT SECURITIES
B oston
New York
P urch ases
Is s u e
0
-
Held Under
S a l e s C o n tra c ts
9
£ 1 1 ,6 5 0
0
1 ,1 2 0 ,0 0 0 C e r t , o f I n d .
1 6 ,5 5 0 ,0 0 0 T r e a s . N otes
1 0 ,0 0 0 .0 0 0 T h ir d L .L .b d s ,
0
0
-
♦ $27* 6 7 0 .0 0 0
P h ila d e lp h ia
C le v e la n d
-
0
1 5 6 ,0 0 0 M is c . G o v 't S e c .
Richmond
0
A t la n t a
•
1 0 ,4 5 0
S t . L ouis
0
0
m
0
0
-
0
2 1 1 ,8 0 0 M is c . G ovH S e c .
4 0 5 ,9 5 0 M is c . G o v 't S e c .
Chicago
0
0
Fourth L .L .b d s .
*»
0
0
-
0
0
-
0
3 ,4 4 5 ,4 0 0 M is c . G o v 't S e c .
0
M in n ea p o lis
3 ,4 7 5 ,0 0 0 M is c . G o v 't S e c .
Kansas C ity
1 3 ,0 0 0 M i s c . G o v 't S e c .
0
m
0
D a lla s
0
0
-
0
San F ra n c isc o
0
0
_
0
$ 3 1 ,7 3 0 ,4 0 0
$ 3 ,6 5 7 ,2 0 0
T o ta ls
-
$ 1 1 ,6 5 0
*
R e p re se n ts a d d i t i o n a l p u rch a se s o f U. S* s e c u r i t i e s f o r System Account
field by New York te m p o r a r ily pending ap p ortionm ent to o th e r F e d e r a l r e s e r v e banks,
BANKERS ACCEPTANCES
PURCHASES
Amount
B o sto n
New York
.
1 - 3 0 days
3 1 -6 0
"
6 1 -9 0
”
Over 90
”
R ate
0
0
109,000
i /4
4 8 ,0 0 0
1 9 8 .0 0 0
1 3 7 .0 0 0
1/2°/i
3 /8 f .
$ 4 9 2 ,0 0 0
MATURITIES
Araount
1/ 21-
2 3/ff/o
2 3/8%
2 Z/Q%
4 2 4 ,0 0 0
3,34 9 ,0 0 0
Held Under
S a l e s C o n tra c ts
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authoritylf c ; 0 ,
I C ) S O l
— 8 **
BANKERS ACCEPTANCES -
M a tu r ity
PURCHASES
Amount
(C o n tin u e d )
MATURITIES
Amount
Rate
H eld Under
S a l e s C o n tr a c ts
1 4 9 ,0 0 0
0
C le v e la n d
4 8 9 .0 0 0
0
Richmond
2 3 2 .0 0 0
0
A t la n t a
1 5 4 .0 0 0
P h ila d e lp h ia
$
( 1 * 1 9 7 ,0 0 0 Un
in d o r s e d
b i l l s p u t*
chased from
a c c e p tin g
b a n k s)
0
3 5 9 .0 0 0
0
S t . L o u is
0
7 5 ,0 0 0
0
M in n e a p o lis
0
3 7 0 .0 0 0
0
K ansas C ity
0
2 6 6 .0 0 0
0
Chicago
m
D a lla s
1 -3 0
San F ra n c isco
1 -3 0 days
T o t a ls
days
5 1 ,0 0 0
2 l /4 /o
8 6 6 t 0 00
0
1 0 . OOP
2 1/4%
9 8 4 f 0Q0
0
$ 5 5 3 ,0 0 0
$ 7 ,7 1 7 ,0 0 0
$ 1 ,1 9 7 , 0 0 0
R e p ro d u c e d fro m th e U n c la s s ifie d / D e c la s s ifie d H o ld in g s o f th e N a tio n a l A rc h iv e s
A u t h o r it y
/
/ /
*y
D w r Mr. Mstteuoni
R eoeipt l i acknowledged of your le t t e r
« f ^uly 24th, addressed to Governor Ori&slntfer,
wM ozttig re p o rt o f transactions l a Government
securities and
acceptances as reported
t o the Open Market Invactaiant Oaakaittee for the
^ » r e i Reserve System for - t o period f r o » *Jitly
I f t o July 23, X9&4#
together wit&
■flats received, by the
tr m the Federal
reserve banka.
Very tr u ly yours,
(CJicr'CPCl)
J
0 - ^ ° e li
J . o* B o e U t
Assistant Seoretsry#
It*# I* B. Mattaaon, Seoretsry*
0$#& Market 1&#©Si*»eiit O o n sittee,
o /o Federal Reserve Bank,
New fork.* N.Y.
,0 , I Q
O
^
DECLASSIFIED
Reproduced from the unclassified I Declassified Holdings of the National Archives
Authority
r
;Q . /
£ ) S O
I
E C E bV H O
UL 2 J 1924
j
OFFICE o f
Federal
o f
R eserve
Bank
Ne w York
I
Open Market Investment Committee
f o r the Federal Reserve System
CONFIDENTIAL
July 26, 1924
S i r :
Enclosed i s a report o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported t o the
Open Market Investment Committee fo r the Federal Reserve
System f o r the period from July 17 to July 23, 1924 in c lu
s iv e , to g e th e r with data received by the Committee from
the Federal reserve banks.
k espectfu lly,
W. B. Matteson
Secretary o f the Committee
Honorable D. R. C r is s in g e r ,
G overnor, F ederal R eserve Board,
W ashington, D. C.
E n closu re
--------- TJECT^CSSn'II D
Authority4 - = 0 .
C O N F I D E N T I A L
REPORT OF OPEN MARKET INVESTMENT COMMITTEE
ViEEK ENDED JULY 2 3 , 1 9 2 4
C O N T E N T S
FEDERAL RESERVE BANK STATISTICS
Page
Comparison o f H o ld in g s - E a rn in g A s s e t s
Changes i n H o ld in g s -
-
- - - - - - - - -
1
Government S e c u r i t i e s
1
B ankers A c ce p ta n ce s
1
CURRENT CONDITIONS
Money M arket
-
-
S e c u r i t y M arket -
-
-
- -
Bankers A c ce p ta n ce s -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
3
- -
- -
- -
- -
- -
- -
- -
- -
- -
-
b
OPERATIONS FOR T R E A S U R Y ------------------------------------------------------------- -
SYSTEM'S SPECIAL INVESTMENT ACCOUNT
------------------
-
------------- 6
-------------- --------------
7
TRANSACTIONS AFflECTING INVESTMENT ACCOUNT ALL BANKS
Government S e c u r i t i e s
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8
Bankers A c c e p ta n c e s -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8
I £)SO I
DECLASSIFIED
Reproduced from tiie Unclassified I Declassified Holdings of the National Archives
Authority
;Q .
I C ) S O
- 1
COMPARISON OF HOLDING^ OF EARNING ASSETS OF FEDERAL RESERVE BANKS
___ ____________________ FROM JANUARY 30 TO JULY 2 3 . 1 9 2 4
.
(0 0 0 O m itte d )
TOTAL
EARNING
ASSETS
-1 9 2 4 30
Jan,
F eb .
27
March 26
A p r i l 30
May
28
June
25
July
2
Ju ly
9
ii
16
n
23
$ 9 1 4 ,8 8 1
9 5 0 ,8 0 1
9 4 2 ,0 8 0
8 7 3 ,3 8 1
8 5 0 ,1 9 3
8 2 6 ,2 6 0
8 5 8 ,5 5 6
8 2 0 ,9 7 2
8 1 0 ,4 9 5
8 0 0 ,8 2 3
^GOVERNMENT
BILLS
BANKERS ACCEPTANCES
SECURITIES
S a le s
C o n tr a c ts
P u rch a ses
$120,7 72
$ 2 3 5 ,9 3 0
1 5 5 , 8 01
257,
z
:>y , 2 5 6
3 0 1 ,660
3 3 3 ,2 8 2
2 0 5 ,0 2 2
1 6 4 ,9 4 7
1 0 2 ,8 0 0
$ 3 5 ,8 6 2
5 8 ,2 8 8
3 7 ,5 1 1
2 1 ,6 8 5
3 6 ,8 9 1
9 69
1 6 ,7 4 2
1 9 ,5 3 6
1 ,3 7 1
4 9 ,8 6 9
4 4 ,0 6 5
3 6 ,0 6 9
3 8 ,9 7 3
3 6 ,0 5 7
3 0 ,4 0 8
4 2 9 ,7 9 4
4 3 5 ,4 9 4
4 5 0 ,5 0 0
4 6 6 ,5 7 4
4 7 7 ,2 1 1
* I n c lu d e s s a l e s
DISCOUNTED
$ 5 2 2 ,3 0 7
5 3 1 ,6 9 0
4 8 2 ,3 1 5
4 4 7 ,1 8 5
4 2 9 ,6 0 0
3 5 0 ,1 3 1
3 6 9 ,0 0 1
3 1 0 ,7 1 3
3 0 5 ,2 4 3
2 9 0 ,8 3 2
1 ,1 2 2
c o n tr a c ts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY KE2ERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
DURING. ViEEK ENDING JULY 2 3 . 1 92 4 ______________________ ___
'( 0 0 0 O raitted)
GOVERNMENT SECURITIES
B a la n ce
B alance
Net
Change
J u ly 23
Ju ly 1 6
B o sto n
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
C hicago
S t . L o u is
M in n e a p o lis
K ansas C ity
D a lla s
San F r a n c is c o
0 3 4 ,5 8 5
1 6 0 ,5 7 5
2 9 ,6 7 4
4 7 ,2 6 0
5 ,1 2 5
808
6 5 ,3 7 0
1 0 ,3 1 9
2 5 ,6 2 1
2 7 ,8 3 7
2 2 ,2 9 3
4 7 .7 3 2
$ 4 7 7 ,1 9 9
$ 3 4 ,5 8 5
1 4 9 ,9 9 0
2 9 ,5 7 4
4 6 ,9 4 0
5 ,1 2 5
428
6 5 ,3 7 0
1 0 ,3 1 9
2 5 ,1 5 1
2 7 ,8 0 9
2 2 ,8 3 9
$ 4 6 5 ,9 6 2
0
1 0 ,5 8 5 *
0
320+
0
380-**
0
0
470***
28+
5460
$ 1 1 ,2 3 8 *
BANKERS ACCEPTANCES
B alan ce
B a la n c e
N et
Ju ly 23
Jttjy 1 6
Change
$ 2 ,9 6 1
10., 4 2 4
1 ,4 3 5
2 ,1 7 5
232
3*3
1 ,9 0 1
124
715
1 ,4 5 2
5 ,8 0 2
0 3 ,5 8 4
1 1 ,3 9 3
1 ,7 5 0
2 ,7 8 0
259
519
2 , 642
224
646
1 ,5 5 8
)
623969*
314—
60527156741100v
2 .8 2 3
7 ,3 4 4
3 41 58
1311061 ,5 4 2 335-
$ 3 0 ,4 0 8
0 3 6 ,0 5 7
$ 5 ,6 4 9 -
COMMENT ON CHANGES FOR WEEK ENEED JULY 23
A g g re g a te h o ld in g s o f e a r n in g a s s e t s o f th e System snowed a f u r t h e r r e
d u c t io n o f $ 9 ,6 7 2 , 0 0 0 d u rin g th e week and t o t a l i s o n ly $ 5 , 0 0 0 , 0 0 0 h ig h e r th a n th e
lo w e s t p o in t f o r t h e y e a r re a ch ed on May 2 1 .
Government s e c u r i t y h o ld in g s i n
c r e a s e d $ 1 0 , 6 3 7 , 0 0 0 , o f w hich $ 1 0 ,5 8 5 ,0 0 0 r e p r e s e n te d p u rch a se s made d u rin g th e
week f o r th e S y s t e m 's S p e c i a l In v estm e n t A ccou n t and h e ld t e m p o r a r ily by t h e New
York bank f o r l a t e r d i s t r i b u t i o n t o o th e r r e s e r v e b a n k s .
T h is i n c r e a s e , how ever,
was n o t s u f f i c i e n t t o o f f s e t th e f u r t h e r d e c li n e i n d is c o u n ts and a d v a n c e o f
1 1 4 ,4 X 1 ,0 0 0 and a r e d u c t io n i n b i l l H oldings o f $ 5 , 8 9 8 , 0 0 0 .
I
DECLASSIFIED
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority
;Q . / Q . S Q
«• 2 **
MONEY MARKET
The c h a r a c t e r o f th e money m arket was e s s e n t i a l l y unchanged from t h a t
w hich has p r e v a i l e d d u rin g th e p a s t s i x w eeks,
fir m n e s s
o v er th e f i r s t
a t lew l e v e l s .
in
Quoted r a t e s f o r a l l
su p p ly of fu n d s
o f money c o n tin u e d
o f th e Sto ck Exchange money m a rk et was th e la r g e
on o f f e r ,
$7, 0 0 0 f 0 0 0 and a f u r t h e r g a in
of
in c r e a s e
p a r t l y r e f l e c t i n g g a in t o th e New York d i s t r i c t
o rd in a ry com m ercial and f i n a n c i a l
T r e a su ry .
c la s s e s
C a ll money on th e S to ck Exchange r u le d unchanged a t 2 p e r c e n t.
The p r i n c i p a l fe a t u r e
in th e
o f J u ly .
e x c e p t f o r th e p e r io d o f tem porary
t r a n s a c t i o n s th rou gh the G old Fund of
$ 1 0 ,0 0 0 ,0 0 0 in t r a n s f e r s f o r th e a cc o u n t of th e
The demand f o r lo a n s was l i g h t and on s e v e r a l days th e amount of money
l e f t u n le n t a t th e c l o s e
of each d a y ’ s b u s in e s s was a p p r o x im a te ly d ou ble th e
amount of new lo a n s p l a c e d . *
C o n s id e r a b le
b u s in e s s a p p ea rs t o have been tr a n s a c te d
d i r e c t between banks and b ro k e rs a t s l i g h t l y lo w e r r a t e s th an th o s e q u oted on th e
Exchange,
at 1 l /4
A 1 l /2
p e r c e n t,
r a t e was commonly q u o ted and some lo a n s were r e p o r te d
p e r c e n t.
The tim e money m arket c o n tin u e d q u i e t w ith few t r a n s a c t i o n s and no
p r e fe r e n c e
shown f o r any m a tu r ity .
f u r t h e r e a se in r a t e s t o 2 l / 2
p e r c e n t,
In c r e a s e d o f f e r i n g
t o 2 3 / 4 p e r c e n t,
fo r
o f fu n d s r e s u l t e d in
s h o r t p e r io d s and 3 l / 2
f o r s i x t o e i g h t m onths.
L ast
P e r io d
C a ll money, r e n e w a ls, a v erag e
C a ll money, new lo a n s , a v erag e
Time money, 61 - 9 0 d a y s, av erag e
Commercial p a p er, 4* - 6 months
*
T h is in fo r m a t io n i s
same
P r e v io u s
P e rio d
2 .0 0
2 ,0 0
2 .0 0
2 .0 0
2 l / 2 - 2 3 /4 2 1 / 2 - 2 3 / 4
3 l /4 - 3 ^ / 2 3 l /4 - 3 l /2
r e p o r te d t o us in c o n fid e n c e and sh o u ld n o t be qu oted.
f
OECLASSIFlEB
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority
-
;Q , /
0 ) 5 0
3 ~
SECURITY MARKETS
The p e r io d was marked by a c t i v e t r a d i n g on th e S to c k Exchange i?i
which t r a n s a c t i o n s
fo r th e
e ig h th c o n s e c u t iv e day exceed ed 1 ,0 0 0 ,0 0 0
a day, th e l a r g e s t volume o f t r a d i n g t h i s
year.
For th e t e n t h s u c c e s s iv e
week a v e r a g e s o f i n d u s t r i a l s t o c k s have moved upward w h ile
e s ta b lis h e d h ig h e s t p r ic e s
average
fo r th e
s e v e r a l r a ilr o a d s
s i n c e 1 916*
A combined a v era g e o f t w e n t y -f i v e
s to c k s on J u ly
sh ares
r a i l r o a d and t w e n t y -f i v e
24 a t 9 2 .6 5 shows an advance o f o v e r 10 p o i n t s
in d u s tr ia l
from th e low
year in A p r i l *
A ided by th e c o n tin u e d e a se in money C o n d itio n s and i n c r e a s e s in bank
in v e stm e n ts t h e r e was con tin u ed
s tr e n g th
d u rin g th e week in th e bond m arket*
The
volume o f b u s in e s s was sometvhat l a r g e r th a n in th e p r e c e d in g week, t r a n s a c t i o n s
fo r th e p e r io d t o t a l e d
road bo n d s,
$ 8 9 ,0 0 0 ,0 0 0 ,
b o th h ig h grade and th e
le a d in g group in a c t i v i t y
lo c a l tr a c tio n
r e g u la r -
is s u e s ,
and p r i c e
a g a in s t $ 7 6 ,0 0 0 ,0 0 0 th e p r e v io u s w eek.
s e m i -s p e c u la t i v e
ad van ces.
were a c t i v e w h ile
L a r g e ly due t o th e
s tr e n g th
P u b lic u t i l i t y
in th e r a i l r o a d
reach ed 8 1 * 6 0 ,
from th e
av erag e
Bonds o f
fo r e ig n
Am erican i s s u e s were u n s e t t l e d
d u rin g th e
F o re ig n exchange r a t e s
be th e
e s p e c ia lly
ir
an a v e ra g e o f
fo r th e
an advance o f o v e r 4 1 / 2 p o i n t s
fo r t h i s
group o f bonds s in c e
a lth o u g h South
e a r l y p a r t o f th e p e r io d on r e p o r t s
in Sao P a u lo .
flu c t u a t e d w ith d iv e r g e n t r e p o r t s o f th e A l l i e d
c o n fe re n c e in London w ith a l t e r n a t e
b e st p r ic e
is s u e s ,
governm ents were g e n e r a ll y s t e a d y ,
o f th e p r o g r e s s o f t h e r e v o lu t i o n
S t e r l i n g was a c t i v e
bond s,
advances t o new h ig h p o i n t s
y e a r and a t th e C lo se o f th e p e r io d
O cto b e r 1 9 2 2 .
co n tin u e d t o
i n d u s t r i a l bonds were s l i g h t l y
f o r t y d o m e stic bonds made d a i l y s u c c e s s i v e
y e a r * s low and th e h ig h e s t
is s u e s ,
R a il
sharp advances and su b seq u en t l o s s e s .
and t h e h ig h e s t q u o t a t io n o f th e p e r i o d ,
s in c e November 8 o f l a s t
$ 4 .4 1
3 / 4 was th e
y e a r ; n in e c e n t s h ig h e r th a n a t th e
I
i of the National Archives
A u th o r ity
-
I f o F Z O l
4 -
f i r s t o f t h i s month and 21 1 /4 above the low fo r the year on January
21,
French and Belgian francs were ir r e g u la r and clo se d at 5.12 and
•4*60 cents re sp e ctiv e ly *
Guilders continued to show exception al
strength, making su ccessiv e new high p r ic e s fo r the year, and closed
at 38*28 cents*
The volume o f new financing continued small in comparison
with the heavy o ffe r in g s during June and for the week ended July 25
new bend o ffe r in g s to ta le d only 135,000,000, against $50,000,000
o ffe r e d la s t week*
t o t a l*
R ailroad issu es were more than o n e -th ir d o f the
The balance was p r in c ip a lly divided between in d u s tria l issu es
and a number o f small o ffe r in g s in the sta te and m unicipal group.
a dd ition investment bankers so ld several isdues p riv a te ly *
In
The
la rg e st s in g le o ffe r in g was $8,300,000 Northern Central Railroad
Company 5^ mortgage bonds, due 1974, and p riced t o y ie ld 4.92^ to
maturity*
During the la t t e r part o f the p eriod L ib erty Loan bonds
showed su b sta n tia l p r ic e advances for the f i r s t time in over two weeks,
On July 23 p r ic e s fo r the Second and Third 4 l / 4 s esta b lish ed new high
p r ic e s fo r a l l time at 101*27 and 101.15 r e s p e c t iv e ly .
Other issu es
advanced from 3/32 t o 13/32 over the c lo s in g p r ic e s o f the previous
p e rio d and were on ly fr a c t io n a lly lower than the high p r ic e s fo r the
year, as in d ica ted in the fo llo w in g ta b le :
S ecu rity
F irst
M
Second
Third
Fourth
Treasury
3
4
4
4
4
4
1 /2 1s
1 /4 * s
1 /4 * s
1 /4 * s
1/4*8
1 /4 * s
Clo ee
Julv 23
High fo r
Year 1924
101*13
101.16
1 0 2 .0
1 0 2 .1 0
101*28
*1 0 2 . 1 2
*101.27
*1 0 2 * 1 5
*102.16
*105.18
Close
Julv 16
101*22
101.15
102.5
102*12
1 0 2 .1 1
102.5
104.22
105.3
*High fo r a l l time
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority, 0 , / Q . S O
<* 5 «*
New York
M arket f or
S h o r t"te r m
Governments
T here was o n ly a m oderate volume o f b u s in e s s tr a n s a c t e d i n
s h o r t-te r m Goverr^ment s e c u r i t i e s
d u rin g th e week and t r a d i n g was
g e n e r a l l y l i m i t e d t o s m a ll t r a n s a c t i o n s .
little
flu c tu a tio n s .
Lower q u o t a t io n s d u rin g th e e a r l y p a r t o f th e
p e r io d were due p r i n c i p a l l y t o
m a tu r in g in 1926
in g ta b le
P r i c e s h e ld s t e a d y w ith
r e s tr ic te d
b u yin g.
and 1 9 2 7 w ere g e n e r a l l y i n
com pares y i e l d s
b e s t demand*
on v a r io u s m a t u r i t i e s
a t p resen t o ffe r in g p r ic e s ,
T r e a s u r y N o tes
The f o l l o w
o f s h o r t Governm ents,
w ith th o s e p r e v a i l i n g a week ag o ;
July--24
U. S,
U. s.
U. S.
U. s.
U. S.
6
C t f s . of In d . m a tu r in g
4 to
C i f s . o f In d . m a tu r in g 1 0 t o 1 2
T r e a s . N o te s m a tu rin g
1 to
2
T r e a s . N o te s m a tu rin g
2 to
3
T r e a s . N o te s m a tu rin g o ver
3
«
J u ly
1.97
2.54
3.03
3.34
3.44
1.S4
2.51
3. 00
3. 32
m onths
m onths
years
years
years
17
3. 41
BANKERS ACCEPTANCES
Bfeteg
The s c a r c i t y
t o lo w e r t h e i r
b id ra te
of sh o rt b i l l s
Boston
cau sed 8 cane d e a le r s
on 3 0 -d a y m a t u r i t i e s t o 2 p e r c e n t.
c o n tin u e d good demand f o r
p o s s ib le
in
short b i l l s
and s c a r c i t y
o f su p p ly i t
t h a t d e a le r s in New York may a l s o lo w e r t h e i r
t h i s m a t u r it y t o 2 p e r c e n t.
d is tr ic ts
b id Z l / 8
d is tr ic ts
r e p o r t th e s e
p e r c e n t,
W ith a
b id r a t e
is
on
F or o th e r m a t u r i t i e s d e a l e r s in th e s e
and o f f e r e d a t 2 p e r c e n t .,
ra te s fo r a l l m a tu r itie s.
w h ile
o th e r
In P h ila d e lp h ia
d e a le r s a re p r e d i c t i n g a f u r t h e r r e d u c t io n i n r a t e s ,
w h ile in C h ica g o
th e r a t e was w e ll m a in ta in e d a t th e p r e s e n t l e v e l .
A b stra ct
o f R ep orts
from Banks
In
Boston the s u p p ly d id n o t e q u a l th e demand and d e a l e r s '
p o r t f a l i o s were redu ced f u r t h e r .
is
Few b i l l s
a te n d en cy among banks t o h o ld t h e i r
a re i n
b e s t demand from c i t y
banks.
a re
b ein g made and th e r e
own b i l l s .
I n d i c a t i o n s in
S h o rt m a t u r i t i e s
t h a t m ark et a re
t h a t seme c r e d i t s are p e n d in g w hich may s h o r t l y in c r e a s e th e s u p p ly ,
New York c o n d i t io n s were g e n e r a ll y unchanged from th e p r e v io u s week.
f
™
•Reproduced from the Unclassified I Declassified Holdings of the National Archives
DECLASSIFIED
Authority4^ ; Q . /
-
£ ) S &
6 -
The extrem ely easy money re su lte d in a continued good demand and
dealers* p o r t f o l i o s were reduced m a te ria lly .
In P h iladelph ia the
acceptance market continued d u ll; what actual demand there was came
p r in c ip a lly from out-of-tow n in s tit u t io n s f o r the sh orter m a tu rities.
Chicago the supply was moderate with a good demand f o r short
m a tu rities.
QPSRjgZQNS FOR ACCOUNT OF UNITED STATES TREASURY
On July 15 the Treasury authorized the purchase a t the mar
ket of $2,000,000 fa ce amount of e ith e r s e r ie s of c e r t i f i c a t e s of in
debtedness due December 15, 1924, f o r account of the C iv il Service Re
tirem ent and D is a b ility Fund.
Purchases again st th is a u th orisation
were made in the various d i s t r i c t s , at p r ic e s of 100 1 /4 f o r the
TD2-1924 and 100 29/32 f o r the TD-1924 c e r t i f i c a t e s as fo llo w s :
Boston
Nfew York
P hiladelphia
St. Louis
| 530,000
500,000
306,000
250, 000
200, 000
214r 000
TD2-1924
TD-1924
TD-1924
TD2-1924
TD-1924
TD2-1924
1 2. 0 0 0 . 0 0 0
M iscellaneous
At the request of the Treasury the Federal Reserve Bank of
Now York purchased |400,000 fa ce amount TM-1925 c e r t i f i c a t e s of indebt*
edness f o r the account of the A lien Property Custodian and $18,000
. fa c e amount of the same issue f o r account of the In te rsta te Ccmmerce
Commission - R ailroad Contingent Fund.
f
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u th o rity ,0 .1
C)SO I
- 7 SYSTEM’ S SPECIAL INVESTMENT ACCOUNT
Holdings o f Government s e c u r it ie s fo r the S p e cia l Investment A ccount f o r the Federal Reserve System at the clo s e o f busin ess July 23 aggre*
gated $410,585,000 as shown in the ta b le given below .
Of t h is amount
$400,000,000 have been apportioned t o p a r tic ip a tin g banks on p reviou sly
e sta b lish e d r a t io s and $10,585,000, which nave been purchased under the new
$100,000,000 a u th oriza tion , are being held tem porarily by the Federal
Reserve Bank o f New York fo r la t e r d is t r ib u t io n to p a r tic ip a tin g banks on
new r a tio s to be esta b lish ed on the b a sis o f reports t o be submitted t o the
Committee as o f the clo s e o f business July 31.
Boston
New York
P h iladelph ia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
Cert, o f Ind
T reas. Notes
T otal
0 7,133,000
33,363,000
4,324,500
8,658,500
904,500
63,000
13,648,000
1,792,000
3,674,500
4,251,000
4,730,500
8.541.000
$ 23,892,600
115,424,300
7,760,500
29,660,400
2,879,700
308,600
45,463,900
8,527,200
13,786,100
14,891,100
16,328,300
29.993.800
$ 31,025,600
148,787,300
12,085,000
38,318,900
3,784,200
371,600
59,111,900
10,319,200
17,460,600
19,142,100
21,058,800
38.534.800
091,083,500
0308,916,500
0400,000,000
Held tem porarily by New York awaiting la t e r
d is tr ib u tio n - • - - -
10.585.000
0410,585,000
RECAPITULATION OF PURCHASES
Made By
Amount
Boston
New York
P h iladelph ia
Cleveland
Richmond
A tlanta
Chicago
S t . Louis
Minneapolis
Dallas
San Francisco
I 13,048,500
358,377,700
3,979,500
2,340,000
600,000
1,241,400
17,400,000
1,171,900
928,000
7,069,000
4.429.000
§410,58 5,000
RECAPITULATION OF PURCHASES 3Y MATURITIES
Sept. 15, 1924
Dec.
15, 1924
March *.15, 1925
June
15, 1925
Dec.
15, 1925
March 15, 1926
Sept. 15, 1926
March 15, 1927
Dee.
15, 1927
0 37,760,500
90,774,000
90,360,000
3 0 ,5 4 7 ,»00
36,967,000
43,657,600
14,851,000
44,520,900
21,146,300
$410*585,000
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authorityij^ ; Q .
/ £ ) S O
- 8 ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
ALL FEDERAL RESERVE BANKS FROM JULY 17 TO JULY 2 3 . 1 9 2 4 ___________
GOVERNMENT SECURITIES
P u rch a ses
B o sto n
New York
Issu e
S a le s
0
* 2 ,5 0 0 ,0 0 0 C e r t, o f In d .
* 8 ,0 8 5 .0 0 0 T r e a s . N o te s
H eld Under
S a le s
C o n tr a c ts
Issu e
0
$ 1 1 ,6 5 0
0
•. 0 ‘:
£ 1 0 , 5 8 5 ,0 0 0
P h i la d e lp h i a
C le v e la n d
Richmond
A t la n t a
0
3 2 0 ,0 0 0 M i s c . Gov’ t
Sec,
0
4 0 6 ,3 5 0 M i s c . G o v 't S e c .
0
0
0
0
0
0
0
2 6 ,4 5 0 M i s c . G o v 't S e c .
C hicago
0
0
0
S t . L o u is
0
0
0
M in n e a p o lis
2 ,1 2 8 ,0 0 0 M i s c .
K ansas C it y
2 7 ,9 0 0 M i s c .
D a lla s
0
San F ra n c isc o
0
TOTALS
G o v 't
Sec.
G o v 't S e c .
1 ,6 5 7 ,8 5 0 M i s c .
G o v 't S e c .
0
0
5 4 5 ,9 0 0
2% R e g .C o n s o ls 1930
0
d
0
1 1 3 ,4 6 7 ,2 5 0
0
£ 1 1 ,6 5 0
v2 ,2 3 G ,2 0 0
^ R e p re se n ts p u rc h a se s o f U . S . S e c u r i t i e s fo r System a cc o u n t h e ld
by New York t e m p o r a r ily pen d in g apportionm ent to o th e r F e d e r a l r e s e r v e banks
BANKERS ACCEPTANCES
PURCHASES
M a tu r ity
Amount
R ate
0
B o sto n
New York
MATURITIES
Amount
1-30 days
1 ,1 9 4 ,0 0 0
1/ 4%
623,000
2 ,1 6 3 ,0 0 0
H eld Under
S a le s C o n tr a c ts
0
( 2 0 ,0 0 0 f o r
e ig n t r a d e
b ills )
f
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority4^ ; 0 . /
C ) S O
•> 9 *
BANKERS ACCEPTANCES -
M a tu r ity
P h ila d e lp h ia
1 - 3 0 days
3 1 -6 0
n
6 1 -9 0
M
In o th e r
d is tr ic ts
PURCHASES
Amount
$ 7 1 ,0 0 0
6 0 .0 0 0
8 5 .0 0 0
2 5 .0 0 0
(C o n tin u e d )
MATURITIES
Amount
R ate
2 1 / 47:
2 1/4% * <2 3 /8 $
2 3 /8 %
2 l/4?o
H eld Under
S a le s C o n tr a c ts
$ 5 5 5 ,0 0 0
$ 2 4 1 ,0 0 0
C le v e la n d
I n o th e r
d is tr ic ts
Richmond
A tla n ta
1 1 0 ,0 0 0
7 1 5 .0 0 0
2 \/4>
2 7 ,0 0 0
0
I n o th e r
d is tr ic ts
2 5 ,0 0 0
1 8 1 .0 0 0
2 !/< $
( 1 ,1 0 2 ,0 0 0 U nin
d o rsed b i l l s
p u rch ased from
a c c e p tin g b a n k s )
Chicago
S t , L o u is
M in n e a p o lis
Kansas C ity
D a lla s
San F ra n c isc o
In o th e r
d is tr ic ts
1 2 5 ,0 0 0
I n o th e r
d is tr ic ts
7 5 ,0 0 0
2 1/4
1 7 5 .0 0 0
I n o th e r
d is tr ic ts
2 1 ,0 0 0
2 l /4 /0
1 5 2 .0 0 0
I n o th e r
d is tr ic ts
4 0 .0 0 0
2 1 /4
1 4 4 .0 0 0
I n o th e r
d is tr ic ts
4 0 .0 0 0
2 1/4%
1 2 6 .0 0 0
1 1 4 .0 0 0
1 1 2 .0 0 0
2 l/4 /o
2 3/87»
2 I / 4/0
1 - 3 0 days
3 1 -6 0
"
I n o th e r
d is tr ic ts
866,000
2 1 /4 $
,0/
1 ,5 8 2 ,0 0 0
2 1 /2 ° /
a 1/ #
6 8 7 ,0 0 0
0 3 5 2 ,0 0 0
TOTALS
02 ,2 2 3 ,0 0 0
#7,872 ,0 00
#1,122 ,0 00
f
DECLASSIFIED
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A u th ority
txcoutivQ I\,der
|
/
'a i o
J u ly 2 1 f 1 92 4
D ear S i r s
R e c e ip t i s acknow ledged o f y o u r l e t t e r o f
th e 1 9 t h i n s t a n t , e n c lo s i n g r e p o r t o f t r a n s a c t i o n s
in Government s e c u r i t i e s and b a n k ers a c c e p t a n c e s , a s
r e p o r t e d t o y o u r Com m ittee f o r th o F e d e r a l R eserv e
System f o r t h e p e r io d from J u ly l ^ t h t o J u ly 1 6 t h ,
i n c l u s i v e * t o g e t h e r w ith d a ta rocerv e'ff'T fo m 'l!ffie“1^
/
F e d e r a l r e s e r v e banks *
V ery t r u l y y o u r s ,
(Signed) Walter L. Eckijf
W a lte r
E ddy,
S e o r e ta iy
j
/■
''
■
Mr* W* B# M a tte s o n , S e c r e t a r y ,
Open M arket In v estm e n t C ojam lttee t
o / o F e d e r a l iteajerve Bank,
Hew Y o r k , I* Y*
/ i
^
'
1
;l
,0, (C)SOI
BECLASSlFlErr
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority, 0 .
Fe
d er al
o f
R
Ba
e s e r v e
n k
N ew Y o r k
Open Market In v estm en t Com mittee
f o r th e F e d e r a l R ese rv e System
CONFIDENTIAL
J u ly 1 9 ’
1924
S i r :
E n c lo se d i s
a r e p o r t o f t r a n s a c t i o n s in G ov ern
ment s e c u r i t i e s and b a n k ers a c c e p ta n c e s a s r e p o r te d t o th e
Open Market In v estm e n t Committee
System f o r th e p e r io d
siv e ,
f o r th e F e d e r a l R ese rv e
from J u ly 10 t o
t o g e t h e r w ith d a ta r e c e iv e d
J u ly 1 6 ,
192 4 i n c l u
by th e Com mittee from
th e F e d e r a l r e s e r v e b a n k s.
S e c r e t a r y o f th e Committee
Honorable D. R. C rissin g er,
Governor, Federal Reserve Board,
Washington, D. C.
Enclosure
/
C ) S O
I
BECLASSIFIEB
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A u t h o r i t y SD . /
i
CON
F ID
E N T I A L
REPORT OF OPEN MARKET INVESTMENT COMMITTEE
1EEK ENDED JULY 1 6 , 1 9 2 4
C O N T E N T S
FEDERAL RESERVE BANKS STATISTICS
Page
Comparison o f H o ld in g s - E a rn in g A s s e t s Changes in H o ld in g s -
1
Government S e c u r i t i e s --------- B ankers A cceptan c e s - -
~
-
1
-
1
CURRENT CONDITIONS
Money M arket •
2
S e c u r i t y M a r k e t-
2
Bankers A c c e p t a n c e s - --------------------------------------- ~ -------- •
_
5
SYSTEM* S SPECIAL INVESTMENT ACCOUNT--------------------------- ---------------- 6
TRANSACTIONS...AFFECTING
ACCOUNT
ALLi n..
BANKS
.......... —
'«■INVESTMENT
'■■■-.... ....................
.
..............
[
Government S e c u r i t i e s -
7
B ankers A c c e p t a n c e s - -
8
£)Sol
DECLASSIFIED
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authorityifc ; Q . / Q S O
COMPARISON OF HOLDINGS OF EARNING ASSETS OF FEDERAL RESERVE BANKS
________________________FROM JANUARY 30 TO JULY 1 6 , 1 9 2 4 ______________________
£
omi t t e d )
q
TOTAL
EARNING
ASSETS
-1 9 2 4 Jan* 30
F eb . 27
Mar. 26
Apr* 30
May
28
June 25
July
2
"
"
$ 9 1 4 ,8 8 1
9 5 0 ,8 0 1
9 4 2 ,0 8 0
873*381
8 5 0 ,1 9 3
8 2 6 ,2 6 0
8 5 8 ,5 5 6
8 2 0 ,9 7 2
8 1 0 ,4 9 5
9
16
q
q
♦GOVERNMENT
SECURITIES
BILLS
3 ANKERS ACCEPTANCES
S a le s
P urch ases
$ 2 3 5 ,9 3 0
2 0 5 ,0 2 2
1 6 4 ,9 4 7
$ 1 2 0 ,7 7 2
1 5 5 ,0 0 1
2 5 7 ,2 5 6
3 0 1 ,6 6 0
3 3 3 ,2 8 2
4 2 9 ,7 9 4
4 3 5 ,4 9 4
4 5 0 ,5 0 0
1 0 2 ,8 0 0
4 9 ,8 6 9
4 4 ,0 6 5
3 6 ,0 6 9
3 8 ,9 7 3
3 6 ,0 5 7
4 6 6 ,5 7 4
♦ In c lu d e s s a l e s
C o n tra c ts
DISCOUNTED
$ 3 5 ,8 6 2
5 8 ,2 8 8
3 7 ,5 1 1
2 1 ,6 8 5
3 6 ,8 9 1
969
1 6 ,7 4 2
1 9 ,5 3 6
1 ,3 7 1
$ 5 2 2 ,3 0 7
5 3 1 ,6 9 0
4 8 2 ,3 1 5
4 4 7 ,1 8 5
4 2 9 ,6 0 0
3 5 0 ,1 3 1
3 6 9 ,0 0 1
3 1 0 ,7 1 3
3 0 5 ,2 4 3
c o n tra c ts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY iEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
_________ ;____________ DURING liffiSEK ENDING JULY 1 6 . 1 9 2 4 .................................
(0 0 0 O m itte d )
GOVERNMENT SECURITIES
Net
B a lan ce
B a lan ce
Ju ly 16
Ju ly
9
Change
B o sto n
New York
P h ila d e lp h ia
C le v e la n d
Richmond
At la n t a
Chicago
S t , L o u is
M in n ea p o lis
Kansas C ity
D a lla s
San F ra n c isc o
T o ta ls
$ 3 4 ,5 8 5
1 4 9 ,9 9 0
2 9 ,6 7 4
4 6 ,9 4 1
5 ,1 2 5
428
6 5 ,3 7 0
1 0 ,3 1 9
25 >151
2 7 ,8 0 9
2 2 ,8 3 8
4 7 ,7 3 2
$ 4 6 5 ,9 6 2
.......
BANKERS ACCEPTANCES
Net
B a lan ce
B alan ce
Change
Ju ly
9
Ju ly 1 6
$
365745125+
297190125558-
$ 3 ,9 4 9
1 2 ,1 3 8
1 ,6 2 5
3 ,0 7 7
2 2 ,4 5 6
4 5 .7 2 1
641+
746+
382+
2 .0 1 1 +
§ 3 ,5 8 4
1 1 ,3 9 3
1 ,7 5 0
2 ,7 8 0
259
5 19
2 ,6 4 2
224
846
1 ,5 5 8
7 ,3 4 4
3 .1 5 8
3 .3 5 8
671200-
$ 4 4 9 ,8 8 9
$ 1 6 ,0 7 3 +
. $ 3 6 ,0 5 7
$ 3 8 ,9 7 3
1 2 .9 1 6 -
§ 3 4 ,1 1 3
1 4 8 ,0 1 8
2 8 ,9 3 1
4 2 ,1 9 7
5 ,1 2 5
215
6 3 ,2 2 0
8 ,3 2 0
2 4 ,5 1 0
2 7 ,0 6 3
0
472+
1 ,9 7 2 +
743+
4 ,7 4 4 +
0
2 13 +
2 ,1 5 0 +
1 ,9 9 9 +
449
644
2 ,6 9 7
232
1 ,0 6 9
1 ,7 2 0
8 ,0 1 5
223162-
COMMENT ON CHANGES FOR V ttK ENDED JULY 1 6
T o t a l e a rn in g a s s e t s o f th e System d e c lin e d f u r t h e r $ 1 0 ,4 7 7 ,0 0 0 during
t h e week and brou ght t o t a l t o lo w e st p o in t s in c e May 21*
Accompanying e a s e i n
money c o n d it io n s b i l l s h e ld under s a l e s c o n t r a c t s d e c lin e d $ 1 8 ,1 6 5 ,0 0 0 and t o t a l
i s a p p ro x im a te ly th e same as p r e v a i l e d b e fo r e t h e tem porary advance in c id e n t t o
th e J u ly 1 tu r n o v e r *
Bankers a c c e p ta n c e s h e ld o u t r i g h t d e c lin e d $ 2 ,9 1 6 , 0 0 0 and
d is c o u n ts and advances were redu ced § 5 ,4 7 0 ,0 0 0 *
D e c lin e In t h e s e c l a s s e s o f
a s s e t s were o n ly p a r t i a l l y o f f s e t by a fu r t h e r in c r e a s e o f $ 1 6 ,0 7 4 ,0 0 0
overnment s e c u r i t y
h o ld in g s .
'
I
Reproduced from the Unclassified / Declassified Holdings of the National Archives
-
2 -
MONEY MARKET
D uring t h e week ended J u ly 16 t h e New York d i s t r i c t
g a in e d
$ 2 5 ,0 0 0 ,0 0 0 in o r d in a r y com m ercial and f i n a n c i a l t r a n s f e r s th ro u g h
th e Gold Fund and $ 3 ,5 0 0 , 0 0 0 i n t r a n s f e r s f o r “th e a cco u n t o f -the
T reasu ry*
P a r t l y r e f l e c t i n g t h e s e g a in s c a l l money on th e
Stock
Exchange h e ld unchanged th ro u g h o u t t h e week a t 2 p e r c e n t . f o r b o th
re n e w a ls and new l o a n s , a g a in s t a ra n ge o f 3 t o 2 p e r c e n t , d u rin g
t h e p r e v io u s p e r io d .
Demand fo r money was l i g h t
and tu r n o v e r o f new
l o a n s was s m a ll and c o n s id e r a b le amounts o f fu nds were l e f t u n le n t a t
t h e c l o s e o f each day’ s b u s i n e s s .
le n t at 1 1 /2
O u ts id e o f th e Exchange money was
per c e n t ,
Time money m arket c o n tin u e d q u i e t , a lth o u g h
o f f e r e d more f r e e l y .
lo w e r e d 1 / 4 p e r c e n t .
fu nds were
R a te s a t th e c l o s e o f t h e p e r io d were g e n e r a ll y
S h o rt p e r io d
funds were q u oted a t 2 1 / 2
2 3 / 4 p e r c e n t - , w it h lo n g e r accomm odation a t 3 l / 4
and 3 l / 2
to
p er
c e n t.
Com m ercial pap er m arket was g e n e r a ll y a c t i v e ;
pap er moved a t 3 l / 2
th e b u lk o f
p e r c e n t . b u t t h e r e was a c o n s id e r a b le i n c r e a s e in
th e volum e o f names g o in g a t 3 l / 4
per c e n t .
L ast
P r e v io u s
P e r io d
.XfiEi&dL
C a l l m oney, r e n e w a ls , a v era g e
2 .0 0
C a l l m oney, new l o a n s , a v e ra g e
2 .0 0
Time m oney, 6 1 - 9 0 d a y s , a v era g e
2 1 /2 - 2 3 /4
Com mercial p a p e r , 4 - 6 m o n th s, p r e v a i l i n g 3 l / 4 » 3 l / 2
2*38
2 .3 2
2 3 /4 3 l /2
3
SECURITY MARKET
General
Bond
M arket
Under th e i n f l u e n c e o f
ea®y money and i n s t i t u t i o n a l b u y in g
th e r e was renewed a c t i v i t y i n t h e bond m a r k e t.
was in c r e a s e d and t r a n s a c t i o n s
f o r th e p e r io d t o t a l e d $ 7 6 ,0 0 0 ,0 0 0
a g a in s t $ 5 6 ,0 0 0 ,0 0 0 t h e p r e v io u s w e ek .
a g a in in
The volum e o f t r a d i n g
H igh grad e r a i l r o a d b o n d s were
s tr o n g demand a n d , due p r i n c i p a l l y t o t h e s t r e n g t h i n t h i s
T ” ""— ......... .
11........
1
Reproduced from the Unclassified I Declassified Holdings of the National Archives
DEc LASSIFlED
Authority
;Q ,
/ £)SOf
V
*
g r o u p , an a v era g e o f f o r t y
th e y e a r on th e c l o s i n g
3 d o m e stic bonds re a ch ed a new h ig h p o in t
day o f th e p e r io d a t 8 1 . 0 0 .
T h is i s
fo r
o v er
4 p o i n t s above th e y e a r ’ s lo w a v erag e e s t a b l i s h e d on January 2 , 1 9 2 4 .
Lower p r i c e s
fo r B r a z i l i a n i s s u e s , due p r i n c i p a l l y t o
th e
r e v o lu t i o n i n th e S t a t e o f Sao P a u lo , c a r r i e d th e a v e r a g e o f 10
fo r e ig n i s s u e s t o th e lo w e s t p o in t in o v er a m o n th .
h o w e v e r, B r a z i l i a n bonds r e c o v e r e d
a b e t t e r demand f o r th e e n t i r e
from 1 t o
On W ednesday,
3 p o i n t s and t h e r e was
f o r e ig n l i s t *
Jirm n ess i n th e f o r e i g n
exch an ges was g e n e r a ll y a s c r i b e d t o
optim ism o v e r th e London c o n fe r e n c e on t h e Dawes p l a n .
S te r lin g
van ced s t e a d i l y d u rin g th e week from $ 4 .3 4 t o
on J u ly 1 4 ,
which was o n ly about 1 1 / 4
$4*38 l / 2
ad
c e n ts b e lo w t h e y e a r 's h i g h e s t p r i c e .
Under p r o f i t t a k in g th e r a t e c lo s e d on Wednesday a t $ 4 .3 7 1 / 2 .
Iflrench and B e lg ia n r a t e s w ere s tr o n g e r and advanced a p p ro x im a te ly
10 p o in ts to
5 .1 7
and 4 . 5 7 c e n t s r e s p e c t i v e l y .
a f t e r h a v in g d e c lin e d abou t 1 1 / 2
New bond o f f e r i n g s
B r a z i li a n
e x ch a n g e,
c e n t s t o 9 .1 0 c e n t s advanced t o 9 .59.
f o r th e week ended J u ly 18 t o t a l e d
$ 5 0 , 0 0 0 , 0 0 0 , th e s m a ll e s t volum e i n
any s i n g l e week s i n c e t h a t o f
May 1 7 , and com pares w ith $ 5 7 ,0 0 0 ,0 0 0 o f f e r e d l a s t w e ek , which marked
t h e end o f s i x s u c c e s s i v e weeks o f new fin a n c in g a v e r a g in g more than
0 1 0 0 ,0 0 0 ,0 0 0 a w e ek .
The s t a t e and m u n ic ip a l group a g a in had th e
l a r g e s t volum e o f o f f e r i n g s made up o f tw e lv e s m a ll i s s u e s
a g g r e g a tin g abo u t § 1 7 , 0 0 0 , 0 0 0 .
The l a r g e s t
s i n g l e o f f e r i n g was in
th e fo r e ig n group o f $ 1 5 ,0 0 0 ,0 0 0 G rea t C o n s o lid a t e d E l e c t r i c Power
Company 7 p e r c e n t , m ortgage b o n d s , due 1 9 4 4 , o f f e r e d t o y i e l d 7 .8 5
per c e n t .
T h is company i s
one o f t h e two l a r g e s t com panies in J a p a n .
■■■
Reproduced from the Unclassified
I Declassified
"
Holdings of the National Archives
’ "T J E C I3 K 5 M E O ^
Authority4 - ;Q . / 0,5> O /
— 4 ~
L ib e r t y
Bond
Market
T ra d in g i n Government bonds was q u ie t
tb e p e r io d t o t a l e d
o n ly $ 1 2 ,5 0 0 ,0 0 0 th e
th e l a s t week i n M ay,
and l o s s e s
to
fo r
s m a lle s t w eek’ s t r a d i n g s in c e
P r ic e s were i r r e g u l a r
and c lo s e d from l / 3 2
and t r a n s a c t i o n s
show ing a l t e r n a t e
g a in s
5 /3 2 low er th a n i n th e p r e v io u s
week*
In th e
4 l /4 * s
f o l l o w i n g t a b l e th e
o f 194 7 -
5 2 snow th e g r e a t e s t
p r i c e s w hich were g e n e r a ll y
Second
T h ir d
F ourth
T re a su ry
d e c li n e s
from th e y e a r ’ s h ig h e s t
l a s t week i n June:
C lose
Ju ly 9
C lo se
Ju ly 1 6
High fo r
1 /2 ’ s
l /4 ’s
1 /4 * s
1 /4 ’ s
1 0 1 .1 8
1 0 2 ,5
1 0 1 .1 6
1 0 2 .9
1 0 1 ,1 3
1 0 2 .0
1 0 1 .1 5
1 0 2 .5
1 0 1 .2 8
*102*12
* 1 0 1 ,2 5
1 /4 ’ s
1 /4 ’ s
1 0 2 .6
1 0 4 .2 6
1 0 2 .5
1 0 4 .2 2
S e c u r it y
3
4
4
4
4
4
3 1 / 2 f s and th e T re a su ry
e s t a b l i s h e d d u rin g t h e
•
F ir s t
n
fir s t
Year 1 9 2 4
* 1 0 2 ,1 2
* 1 0 2 .1 6
* 1 0 5 .1 8
*Hig'h f o r a l l tim e
New York
Market fo r
S h o r t«te r m
Governments
The market was q u ie t
Government s e c u r i t i e s .
se c u r itie s
lig h t
D e a le rs r e p o r t
few s i z a b l e
s h o r t -t e r m
amounts o f
coming i n t o th e m a rk e t, and th e r e was o n ly a r e l a t i v e l y
demand.
y ie ld s ,
du rin g th e week f o r a l l
P r i c e s on a l l
as shown in th e
is s u e s
d e c li n e d from 2 / 3 2 t o
f o llo w i n g t a b l e ,
6 /3 2 and
advanced from o v e r th e
p r e v io u s w eek:
Ju ly 17
u. S.
tt
w it
H
tf
Ot f s .
ti
o f I n d . m a tu rin g
4 to
6 mont hs
if
ii
•t
10
H 12
1 w 2 years
T re a s . N o te s
if
i#
ft
..
2
i*
3
»♦
it
n
*
Over
3
T h is i s th e
itie s
f i r s t tim e t h a t th e y i e l d s
1 .9 7
2 , 54
3 .0 3
3 .3 4
3 .4 4
JUly 10
1 .9 5
2 .4 4
2 .9 9
3 .2 9
3 .3 9
on th e v a r io u s m atur
have shown an upward t r e n d s in c e th e l a t t e r p a rt o f May*
0ECLASSMEB
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Au th ority;Q . /
/
.
5 -
BANKERS ACCEPTANCES
R ates
W h ile B o sto n and P h ila d e lp h ia r e p o r t no change i n qu oted
r a t e s from 2 1 /8 $ b i d -
2^ o f f e r e d , t h e r e
t h e s e d i s t r i c t s tow ard h ig h e r r a t e s *
were o f f e r i n g
9 0 -d a y b i l l s
th e same r a t e .
to
2 l/$ *
has been a ten d en cy i n
I n New York m ost d e a le r s
a t 2 1 /{$> and some were o f f e r i n g
60s a t
B id r a t e s on 6 0 * 3 and 9Q*s have been g e n e r a lly
Chicago
re p o rts
one d e a le r o f f e r i n g
r a is e d
60 and 90«*day b i l l s
at 2
A b stra ct
o f R ep orts
from Banks
B o sto n r e p o r t s t h a t th e su p p ly was somewhat in c r e a s e d from
o v er th e p r e v io u s w eek , due p r i n c i p a l l y t o
r a t e a t th e
th e
c is s e
o f th e week*
The s u p p ly ,
however, d id n o t e q u a l
demand and d e a l e r s 1 h o ld in g s were reduced*
# 1 0 ,0 0 0 * 0 0 0 were r e p o r t e d w hich i s
fo r t h i s
crease
The
fe a r o f an advance i n
in
d i s t r i c t ,.
d e a le r s *
S a le s i n e x c e s s
an e x c e p t i o n a l l y
of
heayjr tu r n o v e r
I n New York t h e r e was a very s u b s t a n t i a l i n
s a l e s a s compared w ith th e two p r e v io u s w eeks*
demand was p r in c ip a lly
fo r b i l l s
was m oderate but c o n s id e r a b ly
o f s n o r te r m a t u r i t i e s ;
l e s s th a n th e
a g g r e g a te p o r t f o l i o s were red u ced t o
su p p ly
demand and d e a le r s *
about $ 5 4 ,0 0 0 ,0 0 0 *
P h ila d e l
p h ia r e p o r t s t h a t t r a d in g i n th e a cc e p ta n ce m arket c o n tin u e d slo w
d u rin g th e p a s t w eek.
C ity banks were p r a c t i c a l l y
out o f t h e market
w ith some few i n q u i r i e s from out o f town i n s t i t u t i o n s b u t o n ly
nom inal amounts*
demand*
in
I n Chicago t h e su p p ly was m oderate w ith a f a i r
C ) S O
f
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
,0 ,
SYSTEM»S SPECIAL-INVESTMENT ACCOUNT
A dd ition al purchases were made during the p eriod o f $1 4 , 0 6 8 , 9 0 0
United States Government s e c u r it ie s fo r the S pecial Investment Account fo r
the Federal Reserve System,
ness July 16
amounted to $400,000,000 as follow ® ;
Boston
If* * .. V
1New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicag#
S t 4 Louis
Minneapolis
Kansas City
Dallas
San Francisco
C ert, o f Ind.
Treasury Notes
T otal
$ 7*133,000
33,363,000
4,324,500
8,658,500
904,500
63,000
13,648,000
1,792,000
3,674,500
4,251,000
4,730,500
8.541.000
$ 23.892,600
115,424,300
7,760,500
29,660,400
2,879,700
308,600
45,463,900
8,527,200
13,786,100
14,891,100
16,328,300
29.993.800
$ 31,025,600
148,787,300
10,005,000
38,318,900
3,784,200
371,600
59,111,900
10,319,200
17,460,600
19,142,100
21,058,800
38.534*800
$91*083.500
$308,916,500
^400,000.000
RECAPITULATION OF PURCHASES
Made By
Amount
Boston
New Yo rk
P hiladelphia
C le v e la n d
Richmond
Atlanta
Chicago
S t, Louis
Minneapolis
Dfellas
San Francisco
The t o t a l apportionment at the close o f b u si
$
9,548,500
358,377,700
2,629,500
340.000
600.000
1,241,400
14,400,000
936,900
928,000
6,569,000
4.4 2 9 tOOP
RECAPITULATION OF PURCHASES BY MATURITIES
Sept*
Dec.
March
June
Dec*
March
Sept*
March
Dec*
15,
15,
15,
15,
15,
15,
w,
15,
15,
1924
1924
1925
1925
1925
1926
1926
1927
1927
$ 37,760,500
90,774,000
85,360,000
29,532,700
35,467,000
43,057,600
14,751,000
43,800,900
19,496,300
I C ) S C ) I
DECLASSIFIED
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u t h o r i t y ; Q . / C )f> O
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT
OF ALL IEDERAL RESERVE BANKS FROM JULY 10 TO JULY 1 6 , 1 9 2 4
GOVERNMENT SECURITIES
B o sto n
S a le s
Issu e
P urch ases
$ 8 0 1 ,1 0 0 P a r t,S y s te m I n v .T /N
H eld
Under S a le s
C o n tr a c ts
Issu e
$ 6 3 ,0 0 0 P a rt .S y stem I n v „ c / l
.*
«
X/ N
265^700
,f
0 1 1 ,6 5 0
£ 3 2 8 .7 0 0
New York
6 ,5 7 2 ,6 0 0 P a r t,S y s te m I n v .T /N
8 0 2 ,0 0 0 P a r t.S y s te m I n v , C / I
T /N
3 .7 1 9 .1 0 0
6 0 1 ,1 0 0
P h ila d e lp h ia 1 2 6 ,0 0 0 P a r t.S y s te m I n v , C / I
617„400
"
M
"
T /N
0
$ 7 4 3 ,4 0 0
C le v e la n d
3 1 5 ,0 0 0 P a r t.S y s te m I n v . C / l
2 ,5 2 8 , 3 0 0
M
"
1 .9 0 0 .0 0 0 M isc . G ovH
"
T /n
S ec*
& 4 .7 4 3 .3 0 0
Richmond
0
6 3 ,0 0 0 P art .S y ste m I n v . C / I
A tla n ta
3 0 8 ,6 0 0
H
”
1 8 1 * 8 5 0 M i s c . Gov’ t
0
"
T /N
Sec.
1 2 6 ,0 0 0 Part .S y stem I n v . C / l
2 .0 2 4 .3 0 0
**
"
"
T /N
C hicago
3 4 0 ,0 0 0 M i s f . Oovf t S e c *
0
» .W ..3 0 0
S t . L o u is
3 1 5 ,0 0 0 P a rt .S y ste m I n v .C ^ ;
1 . 6 8 4 .1 0 0
w
*
0
•
M T /N
8 1 .9 9 9 . 1 0 0
M in n e a p o lis
4 2 2 ,1 0 0 P a r t.S y s te m I n v .T /N 2 ,8 5 9 ,2 5 0 M i s c . G ov*t S e c *
0
3 .0 ^ 8 .2 0 0 M i s c . GfcvH S e c .
Kansas C ity
7 0 3 ,5 0 0 P a rt .S y ste m I n v .T /N
4 2 .7 5 0 M i s c . G ov’ t S e c ,
5716*250
0
5 0 0 ,0 0 0
f
DECLAaM rlivU
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority4^
. 0 .
I £ ) S Q
—8*
GOVERNMENT SECURITIES -
P u rch a ses
iD a lla s
Issu e
(C o n tin u e d )
Issu e
S a le s
| 1 ,0 3 9 ,4 0 0 P a r t .S y s t e m I n v . T/N
H eld UnderS a le s
C o n tr a c ts
$ 1 2 6 ,0 0 0 P a r t .S y s t e m I n v .
5 3 1 .3 0 0
w
C /I
"
$6 5 7 .3 0 0
San F ra n c isc o
1 2 6 ,0 0 0 P a r t ,S y s t e m I n v . T/H
1 ,8 8 3 ,6 0 0
"
w '
"
C /I
2>000 M i s c . Gov’ t S ec*
$ 2 ,0 1 1 . 6 0 0
To t a l s
$ 2 4 ,8 6 0 .8 0 0
$ 6 1 1 .6 5 0 ,
$8 .7 8 6 .3 5 0
BANKERS ACCEPTANCES
M a t u r it y
B oston
3 1 -6 0 days
6 1 -9 0
M
O ver
90
w
PURCHASES
Amount
MATURITIES
Amount
Rate
$ 1 0 ,0 0 0 2 1 / 2 1
3 6 ,0 0 0 2 1 / 2 #
5 0 3 .0 0 0 2 1 / 4 # -
H eld Under
S a le s C o n tr a c ts
$ 9 1 4 ,0 0 0
0
2 5 /8 #
5 5 4 9 .0 0 0
Jew York
— 1 - 3 0 days
3 1 -6 0
”
6 1 -9 0
"
Over
90
**
1 ,4 9 6 ,0 0 0
6 5 ,0 0 0
1 7 3 ,0 0 0
2 0 1 .0 0 0
2
2
2
2
2 ,6 8 0 ,0 0 0
ih i
ih i
\ h i
3 /8 i
to
O
O
o
1 - 3 0 days
3 1 -6 0
"
6 1 -9 0
H
b*
vr>
$ 1 ,9 3 5 ,0 0 0
P h i la d e lp h ia
< 2 5 ,0 0 0 fo r e i g n
tr a d e b i l l s )
( 5 7 2 ,0 0 0 o n e -d a y
h o ld o v e r f o r
d is tr ib u tio n
2 \ h i
7 0 ,0 0 0 2 ih %
1 8 4 .0 0 0 2 i h i
F .R .B a n k s )
2 4 4 ,0 0 0
-
0
$ 3 6 9 ,0 0 0
C le v e la n d
0
-
297 ,0 0 0
0
Richmond
0
. .
1 9 0 ,0 0 0
0
A t la n t a
1 2 5 ,0 0 0
( 7 7 4 ,0 0 0 U n in doraed b i l l s
pu rch ased
from a c c e p t
in g ba n k s)
Chicago
3 1 - 6 0 days
In o th e r
d is tr ic ts
1 6 5 .0 0 0
4 0 1 .0 0 0
$ 566.000
2 1 /4 #
2 1 /4 # -
6 2 1 ,0 0 0
2 3 /8 #
f
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
-
Amount
8 ,0 0 0
H eld Under
S a le s C o n tr a c t:
-0 -
$
I n o th e r
d is tr ic ts
$136, 000
2 1 /4 ^ -
2 3/Q%
359, 000
-0 -
In o th e r
d is tr ic ts
2 2 6 ,0 0 0
2 l/4% -
2 3/S%
3 8 8 ,0 0 0
-0 -
In o th e r
d is tr ic ts
3 02 , 0 00
2 1/4% -
2 3/8%
973, 000
•-Q—
7, 0 00
5, 0 0 0
6, 0 0 0
1 8 1 .0 0 0
2 1/4% 2 1/4% 2 1/4 i 2
2 3/8%
2 3/8%
2 3/8%
399, 000
-0 -
1 - 3 0 days
3 1 -6 0
"
6 1 -9 0
”
In o th e r
d is tr ic ts
CO
Dallas
Rate
-
f
K ansas C i t y
(C o n tin u e d )
m a t u r it ie s
to
M inneapol i s
M a tu r ity
-
PURCHASES
Amount
-0 -
M
L o u is
$ 1 9 9 , 0 00
T o t a l s
^4, 2 82 , 0 0 0
I C ) S Q
9 -
BANKERS ACCEPTANCES *
S t.
,0 .
$ 7 ,1 9 8 , 0 00
$ 1, 3 7 1 ,0 0 0
n w muai'iu__ 1
I
Reproduced from the Unclassified
I Declassified
DECLASSIFIED
Holdings of the National Archives
Authority
t
,0, I0.S O f
i
J u ly 1 5 , 1 9 2 4 .
Steai* Hr.. M a tte s csis
I
acknow ledge r e c e i p t o f y o u r l e t t e r
o f J u ly 1 2 t h , a d d r e s s e d t o Governor C r iu a in g e r ,
e n c lo s i n g e r e p o r t o f t r e n s s c t i o n s ir« Government
s e c u r i t i e s «nd b a n k e r s a c c e p ta n c e s fie r e p o r t e d t o
t h e Open M arket In v estm e n t C orsn ittee f a r th e
PVjderel R e s e r v e . System f o r th e p e r io d from J u ly 3
t o J u ly 9 , 1 9 2 4 i n c l u s i v e , t o g e t h e r w ith d a ta
r e c e iv e d by th e C o ra s!tte e from th e F e d e r a l r e s e r v e
bunk's.
Very t r u l y y o u r a ,
(Signed) Walter L. Eddy
H a lt e r L . B d 4 y ,
S e creta ry ,
Mr* W.
S* M a tte s o n , S e c r e t a r y ,
Open M ir k e t d iv e s tm e n t C om m ittee,
c / o F fed er*! R ese rv e B *n k,
Hew f o r k , H . I ,
T M R fflE m m B T
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A uth ority.Q. /
0
Fe
d er al
o f
R
e s e r v e
Ba
n k
Ne w York
Open Iferk et In v estm en t Committee
f o r th e F e d e r a l R ese rv e System
CONFIDENTIAL
J u ly 1 2 ,
1 92 4
S i r :
E n c lo s e d i s
ment s e c u r i t i e s
a r e p o r t o f t r a n s a c t i o n s i n G overn
and b a n k ers a c c e p ta n c e s a s r e p o r t e d t o
the
Open M arket In v estm en t Committee f o r
the F e d e r a l R ese rv e
System f o r th e p e r io d
J u ly 9 ,
s iv e ,
from J u ly 3 t o
192 4 i n c l u
to g e th e r w ith d a ta r e c e iv e d by th e Committee
from
th e F e d e r a l r e s e r v e bank ^.
S e c r e t a r y o f th e Committee
Honorable D. R. C rissin g er,
Governor, Federal Reserve Board,
Washington, D, C.
Enclosure
C)SO I
Reproduced from the Unclassified I Declassified Holdings of the National Archives
w
DECLASSIFIED
Authority
C O N F I D E N T I A L
REPORT OF OPEN MARKET INVESTMENT COMMITTEE
WEEK ENDED JULY 9 , 1 9 2 4
C O N T E N T S
FEDERAL RESERVE BANK STATISTICS
Com parison o f H o ld in g s -
Page
E arn in g A s s e t s - - - - - - - - -
l
Government S e c u r it ie s "* - - - - - -
1
Bankers A c c e p ta n c e s - -
1
Changes in H o ld in g s -
- -
- -
- -
CURRENT CONDITIONS
S e c u r it y M a rk et- - - - - - - -
--------------------------------------------------------2
B ankers A c c e p ta n c e s - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4
Money M arket -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5
-
-
-
-
OPERATIONS FOR TREASURY...................... -
................................... ......................... ........ 5
SYSTEM’ S SPECIAL INVESTMENT ACCOUNT......................................................... ........ 6
TRANSACTIONS AFFECTING INVESTMENT ACCOUNT ALL BANKS
Government S e c u r i t i e s - -
Bankers A c c e p ta n c e s - -
- -
- -
- - -
- - -
- - -
- - -
- -
—
-
- -
- -
-
-
7
-
8
I
I
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A
u
t h
o
r i t y
r ^ T
TOTAL
EARNING
ASSETS
^GOVERNMENT
SECURITIES
'.t-t
;o
i
;0.
COMPARISON OF HOLDINGS OF EARNING ASSETS OF FEDERAL RESERVE BANKS
FROM JANUARY
K 1924
( 0 0 0 O m itte d )
BANKERS ACCEPTANCES
S a le s
C o n tr a c ts
P u rch a ses
BILLS
DISCOUNTED
1 92 4
Jan*
Feb*
Mar,
Apr*
May
30
27
25
30
28
$ 9 1 4 , 881
9 5 0 ,8 0 1
9 4 2 ,0 8 0
8 7 3 ,3 8 1
8 5 0 ,1 9 3
8 2 6 ,2 6 0
8 5 8 ,5 5 6
8 20 , 972
June 25
J u ly
2
J u ly
9
$ 1 2 0 , 772
1 5 5 , 801
2 5 7 , 256
3 0 1 ,6 6 0
3 3 3 , 282
4 2 9 , 794
4 35, 494
4 5 0 , 5 00
* I n c lu d e s s a l e s
$ 5 2 2 , 3 07
5 3 1 ,6 9 0
4 8 2 , 315
4 4 7 ,1 8 5
4 2 9 , 600
3 5 0 ,1 3 1
3 6 9 , 001
310, 713
$ 3 5 , 862
5 8, 288
3 7 , 511
2 1 ,6 8 5
3 6 ,8 9 1
9 69
1 6 , 742
1 9 ,5 3 6
$ 23 5, 930
2 0 5 ,0 2 2
164 , 947
1 0 2 , 8 00
4 9 , 869
4 4 ,0 6 5
3 6 ,0 6 9
3 8 ,9 7 3
c o n tr a c ts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
____ ___________________DURING WEEK ENDING JULY 9 . 1 9 2 4 _____________ ___ ___________
(0 0 0 O m itte d )
Boston
New York
P h ila d e lp h ia
C levelan d
Richmond
A t la n t a
C hicago
S t , L o u is
M in n e a p o lis
Kansas C it y
D a lla s
San F r a n c is c o
T o ta ls
GOVERNMENT SECURITIES
B a lan ce
N *t
B alan ce
J u lv
9
J u ly
2
Change
BANKERS ACCEPTANCES
N et
B a la n ce
B a la n c e
Change
J u lv
2
J u lv
9
$ 3 4 ,1 1 3
$ 1 ,0 0 2 +
7 ,0 1 7 +
$ 3 ,9 4 9
1 2 ,1 3 8
$ 1 ,8 6 3
$ 2, 086+
148, 018
2 8 , 931
4 2 ,1 9 6
5 ,1 2 5
215
63, 2 20
8, 320
2 4, 510
2 7, 0 63
2 2 , 4 56
45> 721
$ 3 3 ,1 1 1
1 4 1 ,0 0 1
28, 931
4 1 ,0 2 2
5 ,1 2 5
82
6 1 ,5 5 0
8 ,1 5 3
2 4 , 389
2 6 ,1 8 1
2 1 ,1 2 0
4 4 .2 1 8
1 0, 370
0
1 ,1 7 4 +
1 ,6 2 5
3, 0 7 7
449
644
2, 6 97
232
1 , 069
1 ,7 2 0
8 ,0 1 5
3 .3 5 8
1 ,9 3 7
3 ,3 5 5
660
1 ,0 7 0
2, 535
410
9 34
1 ,6 7 7
7, 823
3 .4 3 5
1 , 768+
312278211426162 +
17813 5 +
43+
1 92 +
77-
$ 4 4 9 , 888
$ 4 3 4 , 883
$ 1 5 , 005+
$ 3 8 , 973
$ 3 6 , 069
$ 2, 904+
comment m
0
113+
1 ,6 7 0 +
16 7 +
121+
882+
1 ,3 3 6 +
1 ,5 0 3 +
ch an ges f o r week e n ded j u l y 9
T o t a l e a rn in g a s s e t s o f th e System d e c lin e d $ 3 7 ,5 8 4 ,0 0 0 du rin g th e week
which c a n c e le d a l l o f th e advance made in th e p r e v io u s p e rio d and bro u g h t th e t o t a l
t o th e lo w e s t p o in t s in c e May 2 1 . I n c r e a s e in Government s e c u r i t y h o ld in g s o f
* 1 5 ,0 0 5 , 0 0 0 , t o g e t h e r w ith advances in b i l l s pu rchased o u t r i g h t and in a c c e p ta n c e s
h e ld under s a l e s c o n t r a c t s o f $ 2 ,9 0 4 , 0 0 0 and $ 2 ,7 9 4 , 0 0 0 r e s p e c t i v e l y , were n o t
s u f f i c i e n t t o o f f s e t t h e sharp r e d u c t io n in r e d is c o u n t s and advances o f ^ 58, 2 8 8 ,0 0 0 ,
I
DECLASSIFIED
—
Reproduced from the UnclassifiedJ Declassified Holdings of the National Archives
Authority ifc ,
Q
. / £) £>
SECURITY MARKET
The volume o f bond t r a d in g on th e S to c k Exchange du rin g th e
Bond
Market.
p e r io d was somewhat d im in is h e d an d ,
t r a n s a c t i o n s t o t a l e d o n ly
w eek.
owing t o th e i n t e r v e n in g h o l i d a y ,
$ 5 6 ,0 0 0 ,0 0 0 a g a in s t $ 9 6 ,0 0 0 ,0 0 0 th e p r e v io u s
The r e in v e s tm e n t demand o f J u ly 1 d id n o t m a t e r i a l i z e to
g r e a t an e x t e n t as was e x p e c te d and p r i c e s a t th e
were i r r e g u l a r .
as
c lo s e o f th e p e r io d
H igh g ra d e r a i l r o a d bonds f a i l e d t o
c o n tin u e t h e i r r e
cen t upward movement b u t advances i n th e s e m i - s p e c u l a t i v e r a i l r o a d s and
i n th e p u b li c u t i l i t y
th e a v e r a g e on f o r t y
group and p a r t i c u l a r l y th e t r a c t i o n i s s u e s
d o m e stic bonds t o
J u ly 8 a t 8 0 . 8 0 , w hich i s
s in c e O cto b er 1 7 ,
a l s o th e
its
c a r r ie d
h ig h e s t p o in t f o r th e y e a r on
h ig h e s t p o in t f o r t h i s group o f bonds
1922.
In th e group o f fo r e i g n governm ent bonds a c t i v i t y was l e s s
pronounced bu t p r i c e s were firm e x c e p t in th e c a se o f th e B r a z i l i a n i s
su e s w hich were lo w er due t o th e r e v o lu t i o n i n th e S t a t e o f Sao P aulo
and th e p la c in g o f t h a t
sta te
o f sie g e .
sta te
and th e S t a t e o f R io d e *J a n e iro under a
An a v e r a g e on 10 i s s u e s which in c lu d e s th e 8% bonds o f
th e U n ite d S t a t e s o f B r a z i l was lo w e r a t 1 0 0 .1 5 ,
a lo s s
of
.4 0
p o in t s
from th e h ig h p o in t f o r th e y ee x re a ch ed on June 2 8 .
S te r lin g
1 l/4
c e n ts.
c l o s e d a t $ 4 . 3 4 , an advance d u rin g th e week o f about
B oth French and B e lg ia n
n a te g a in s and l o s s e s
fr a n c s were i r r e g u l a r show ing a l t e r
a w a itin g d e f i n i t e
develop m en ts in th e
c o n fe r e n c e
betw een th e P rem iers o f E n glan d and France and c lo s e d th e week a t
and .0 4 4 6
W ednesday.
c e n ts r e s p e c t i v e l y , a p p r o x im a te ly 10 p o i n t s
Dutch g u i l d e r s
low er th a n on l a s t
c o n tin u e d t o advance and a g a in s e t a new high
f o r th e y e a r a t 3 7 .7 6 c e n ts *
.0 5 0 5
QI
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A fte r
s ix
3 -
c o n s e c u tiv e weeks o f heavy new f i n a n c i n g ,
a v era g
in g more th an $ 1 0 0 ,0 0 0 ,0 0 0 a w eek , th e volume o f new o f f e r i n g s
week ended J u ly
© 00*
11 was c o n s id e r a b ly s m a lle r and t o t a l e d o n ly $ 5 7 , 0 0 0 , -
The p r i n c i p a l o f f e r i n g i n th e p u b li c u t i l i t y
o f $ 6 ,0 0 0 , 0 0 0
6$ bonds o f th e C e n t r a l I l l i n o i s
w h ich were o f f e r e d t o y i e l d
6 .2 5 $ .
P ro v in c e o f B r i t i s h C olu m bia,
i s s u e b e in g d iv id e d i n t o
5 .0 5 $ .
In th e
group was an is s u e
P u b lic S e r v i c e
Company
fo r e i g n group 0 6 ,0 0 0 ,0 0 0
Canada, ge&d bonds were o f f e r e d , th e
$ 3 ,0 0 0 ,0 0 0 o f 3 -y e a r 4 1 /2 $ bonds o f f e r e d t o
y i e l d 4 .6 0 $ and $ 3 ,0 0 0 ,0 0 0
bonds t o y i e l d
fo r tb o
o f 2 5 -y e a r 5$ s in k in g fund n o n -c a l l a b l e
T h is i s
r e p o r t e d t o be th e f i r s t tim e i n t e n
y e a r s t h a t a Canadian p r o v in c e has been a b le to borrow a t l e a s th a n 5$#
L ib e r t y
A tem porary advance i n th e r a t e
f o r c a l l money was accom
Bond
M arked
p a n ied by a sla c k e n e d demand t h i s week f o r a l l Government b o n d s.
T r a n s a c tio n s
a p p ro x im a te ly
f o r th e p e r io d t o t a l e d o n ly $ 1 3 ,0 0 0 ,0 0 0 ,
$ 3 0 ,0 0 0 ,0 0 0 from th e p e r io d o f g r e a t e s t a c t i v i t y
W ith th e e x c e p t io n o f th e T h ir d 4 l / 4 ' s ,
p r i c e s on a l l
o th e r i s s u e s were lo w e r .
52 were o f f 5 / 3 2
p r ic e
and th e
fo r a l l tim e e s t a b l i s h e d on
F ir s t
Second
T h ird
F ourth
T re a su ry
l/4 * s
l/4 * s
1 /4 * 3
l/4 * s
The m arket f o r
w hich advanced s l i g h t l y ,
The T re a su ry bonds o f 1 9 4 7 -
June 1 4 .
C lo s e
J u lv 2
3 1 /2 * 3
4
4
4
4
4
i n J u n e,
c lo s i n g p r i c e was 2 4 /3 2 lo w er th a n th e h ig h
S e c u r ity
Mew Ypok
Market fo r
S h o r t-te r m
a r e d u c t io n o f
C lo se
J u lv 9
H igh fo r
P e rio d
1 0 1 ,1 8
1 0 1 .1 8
1 0 1 ,2 1
l / 41»0s2 .6
1 0 1 .1 7
1 0 2 ,7 /
1 0 2 .7
1 0 4 ,3 1
1 0 2 .5
1 0 1 ,1 6
1 0 2 .8
1 0 1 .1 9
1 0 2 .1 2
1 0 2 .1 0
1 0 2 .9
1 0 2 .6
1 0 4 .2 6
1 0 4 .3 1
s h o r t -t e r m Government s e c u r i t i e s was q u i e t
and a c t i v i t y was c o n s id e r a b ly d im in is h e d from t h a t o f th e p a s t s e v e r a l
Governments
w e ek s.
The w eakness i n th e m a rk e t, h ow ever, was nCfLac cou n ted fo r by
heavy o f f e r i n g s b u t was due p r i n c i p a l l y t o
r e s t r i c t e d b u y in g on th e
p a r t o f banks and f i n a n c i a l i n s t i t u t i o n s *
P r i c e s on a l l
i s s u e s , w ith
th e e x c e p t io n o f th e 1 9 2 7 m a t u r i t i e s w hich advanced o n ly 2 / 3 2 , were
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority4^
/C)5> O f
;Q.
m ^ **
s lig h tly
low er and th e y i e l d s on v a r io u s m a t u r i t i e s
a s shown i n th e
accom panying t a b l e were p r a c t i c a l l y unchanged from th e p r e v io u s w eek;
J u ly 10
V . S . C t f s . o f I n d . m a tu rin g
it
ii
H
tt
It
»
it
nr
T r e a s , N otes
i»
ii
it
if
if
it
11
it
it
It
ii
J u ly 3
1 .9 6
2 ,4 8
3 .0 1
3 .3 1
3 ,4 1
1 .9 5
2 .4 4
2 .9 9
3 .2 9
3 .3 9
4 to
6 months
n
10
” 12
1
"
2 years
it
2
"
3
it
3
over
BANKERS ACCEPTANCES .
B a te s
In B o sto n th e su p p ly o f 9 0 -d a y b i l l s
heavy t o
to
became s u f f i c i e n t l y
cause d e a le r s t o r a i s e t h e i r b i d r a t e s on t h i s m a tu r ity
Z l / 4 / £ , a lth o u g h th e y c o n tin u e d t o b i d Z l/sf» f o r 30 and 6 0 - day
b ills .
In Mew Y o rk , w it h d e a l e r s '
c o n d it io n s somewhat u n c e r t a in ,
p o r tfo lio s
i n c r e a s in g
d e a le r s g e n e r a ll y r a i s e d t h e i r b id
ra te to
Z 1 /4 $ up to
at
I n P h ila d e lp h i a th e m a jo r i t y o f d e a le r s
9 0 -d a y s .
2 l /8 /£ and o f f e r a t
and money
O ffe r in g r a t e s ,
however,
c o n tin u e d
c o n tin u e d t o b i d
C hicago r e p o r t s a s l i g h t ten d en cy tow ard
fir m e r r a t e s .
A b stra ct
o f R ep orts
from 3anks
B o sto n r e p o r t s a good su p p ly o f 9 0 -d a y b i l l s
and 6 0 ' s
fa ir ly
scarce.
The s u p p ly ,
how ever,
w ith 3 0 ’ s
has been about normal
f o r t h i s tim e o f y e a r ; th e demand was s p o t t y c o n tin u in g s m a l l ,
flu e n c e d by th e lo w o f f e r i n g r a t e
ra te s
i n th e o u t s id e m a r k e t.
in
and th e t i g h t e n i n g o f c a l l money
The b e s t demand was f o r s h o r t b i l l s ,
New York th e tem porary fir m in g o f money i n th e e a r ly p a r t o f th e
week brou gh t some in c r e a s e i n th e su p p ly o f b i ^ l s , b u t d e a le r s *
s a l e s were e x c e p t i o n a l l y l i g h t *
th e
D e a le r s *
h ig h e s t p o in t s i n c e e a r l y M a rch .
was q u i e t .
There was a f a i r
banks w ith some l i t t l e
com bined p o r t f o l i o s
re a ch ed
In P h i la d e lp h i a th e b i l l market
demand, coming p r i n c i p a l l y
demand from l o c a l b a n k s .
In Chicago t h e r e
been a f a i r su p p ly o f b i l l s w ith a m oderate demand.
from th e v a r io u s b an k s i n d i c a t e t h a t th e s l i g h t l y
from in la n d
has
R e p o r ts r e c e iv e d
fir m e r to n e
i n the
........ DECLASSIFIED
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u th o r ity ,
0 .
>*» 5 **
money m a rk e t,
in c id e n t t o
J u ly 1 t u r n o v e r , was r e f l e c t e d i n th e
c r e a s e d h o ld in g s o f d e a l e r s and,
as a r e s u lt ,
o ffe r in g s to
in
reserve
banks d u rin g th e p e r io d were c o m p a r a tiv e ly h e a v y .
MONEY MARKET
S to c k Exchange c a l l money r a t e a g a in r e v e r t e d t o th e l e v e l
which had p r e v a i l e d b e f o r e th e tem p o ra ry fir m n e s s i n c i d e n t to
J u ly 1 t u r n o v e r .
On W ednesday,
c lo s in g
day o f th e p e r io d *
th e
c a l l lo a n s
opened and renewed a t 2$ and h e ld unchanged th ro u g h o u t th e day in
comparison* “w ith th e 2 1 / 2 $ r a t e w hich had r u le d s i n c e th e b e g in n in g
o f th e p e r io d *
The tim e money m arket rem ain ed q u i e t w ith r a t e s unchanged.
The demand was s m a ll and b u s in e s s was g e n e r a ll y l i m i t e d to th r e e
and s i x months* b o r r o w in g s .
Com m ercial paper d e a l e r s r e p o r t a
c o n tin u e d good demand from a l l
lim ite d .
c e n t e r s b u t th e amount o f f e r e d was
The b u lk o f prime names moves a t 3 l / 2 $ .
The f o llo w i n g
t a b l e shows p r e v a i l i n g r a t e s d u rin g th e p a s t two p e r i o d s :
L ast
P e r io d
C a l l money, r e n e w a ls , average
2*38
C a l l money, new l o a n s , a v e r a g e
2*32
Time m oney, 6 1 -9 0 d a y s , a v era g e
2 3 /4 -3
Com m ercial p a p e r, 4 - 6 m o n th s, p r e v a i l i n g 3 l / 2
P r e v io u s
P e r io d
2 *1 0
2 ,2 1
2 3 /4 3 l/2
3
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
M is c e lla n e o u s
At th e r e q u e s t o f th e T re a su ry th e F e d e r a l R eserv e Bank o f
New York p u rch a sed d u rin g th e p e r io d $ 2 2 ,8 0 0 p ar amount Fourth
L i b e r t y Loan 4 1/4,% bonds f o r a c c o u n t o f th e D i s t r i c t o f Colum bia
T e a c h e r s ' R etirem e n t Fund and $ 1 ,0 0 0 TM -1925 c e r t i f i c a t e s o f
in d e b te d n e s s f o r a cc o u n t o f th e I n t e r s t a t e
R a ilr o a d C o n tin g e n t Fund.
Commerce Commission •
I
Q S O
I
0ECLASSIFIEI)
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u th o r ity
SQ. / £)SO f
SYSTEM1S SPECIAL INVESTMENT ACCOUNT
A dditional purchases were made during the p eriod o f
$15,200,000 United States Government s e c u r it ie s fo r the S p ecia l In
vestment Account fo r the Federal Reserve System,
The t o t a l apportion
ment at the clo se o f business July 9 amounted t o $385,931,100 as fo llo w s :
C ert, o f Ind.
Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chitago
S t, Louis
Minneapolis
Kansas City
Dallas
San Fra&ftisco
$
T otal
$ 7,195,000
34,245,000
4,198,500
8,343,500
904,500
0
13,522,000
1,477,000
3,674,500
4,251,000
4,856,500
....8,415.000
$23,357,200
112,570,800
7,143,100
27,132,100
2,879,700
0
43,439,600
7,843,100
13,364,000
14,187,600
15,820,200
28.110.200
$ 30,553,200
146,815,800
11,341,600
35,475,600
3,784,200
0
56,961,600
8,320,100
17,038,500
18,438,600
20,676,700
36,525.200
191.083.500
$294.847.600
5385.931.100
RECAPITULATION OF PURCHASES
Made Bv
Amount
Ba>stfn
New York
P hiladelphia
Cleveland
Richmond
A tlanta
Chicago
S t . Louis
Minneapolis
D elias
San Frpncisco
Treasury Notes
9,098,500
350,073,800
2,629,500
340,000
600,000
1,241,400
9,900,000
936,900
113,000
6,569,000
4.429.000
S385.931.100
RECAPITULATION OF PURCHASES BY MATURITIES
Sept*
Dec.
March
June
Dec.
March
S ep t,
March
Dec.
15,
15.
15,
15,
15,
15,
15,
15,
15,
1924
1924
1925
1925
1925
1926
1926
1927
1927
$ 37,760,500
90^774,000
85,100,000
29t 530,700
33,652,000
39,457,600
13,501,000
38,297,000
17,796,300
£385.931.100
DECLASSIFIED
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority4^ ; 0 . /
£ ) S C )
-7 ITEMIZED STATEMENT OF 'TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
___________ ALL FEDERAL RESERVE BANKS FROM JULY 3 TO JULY 9 , 1 9 2 4 _________ ___
GOVERNMENT SECURITIES
H eld Under
P u rch a ses
B o sto n
$
3 6 0 ,0 0 0
6 4 2 .0 0 0
S a le s
Issu e
Issu e
S a le s C o n tra c ts
$ 1 1 ,6 5 0
P a r t . System I n v . C /I
M
”
"
T /N
5 1 .0 0 2 . 0 0 0
New York
3 ,0 6 0 , 0 0 0
P a rt* System I n v .
-L J .^L .Q 9.Q
C /l
T/fo
1 ,5 0 0 ,0 0 0 o n e -d a y h e ld
o v er f o r a p p o r tio n
ment to F . R , Banks
£ 8 .5 1 7 . 0 0 0
0
0
P h ila d e lp h ia
4 2 0 .0 0 0
7 4 9 .0 0 0
5 .0 0 0
C le v e la n d
P a rt* System I n v , C / l
w
•
"
T /N
A -1 9 2 5 N o te s
0
£ 1 .1 7 4 . 0 0 0
Richmond
A t la n t a
2 3 4 ,6 5 0
M is c ,
G o v 't S e c .
Chicago
6 0 0 .0 0 0
1 .0 7 0 .0 0 0
P a rt,
tt
System I n v . C /I
"
"
T /N
P a rt*
"
System I n v , C / l
*'"
1 0 1 ,6 5 0 M i s c . G ov*t Sec,
0
^ 1 .6 7 0 .0 0 0
S t.
6 0 ,0 0 0
1 0 7 .0 0 0
L o u is
ft
M in n e a p o lis
T /N
1 6 7 .0 0 0
1 8 0 .0 0 0 P a r t* System I n v . C / l
3 2 1 .0 0 0
*
"
"
T /N
6 3 4 .2 5 0 M ia c . G ov’ t S e c ,
1 ,0 1 4 ,5 5 0 M i s c . G o v H S e c .
.1 3 5 .2 5 0
K ansas C it y
3 0 0 .0 0 0
5 3 5 .0 0 0
P a rt • -'System I n v , C /I
'»
«
«
x /N
6 0 0 ,0 0 0
/
DECLASSIFIED
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority
-
;Q . / Q . S O
8 *
GOVERNMENT SECURITIES - (Continued)
Purchasea
Dallas
$
Held Under
Issue Sales Contracts
Sales
Issue
480,000 P a rt, System In v , C /I
856.000
"
»
"
T/N
0.336.000
San Francisco $
540,000 P a r t , System Inv* C/I
-------71
H
r»
963^000
81.503.000
T otals
£17.620,500
& y iiii2 2 ,
a m . 650
BANKERS ACCEPTANCES
Maturity
Boston
1-30 days
31-60
"
61-90
M
Over 90
"
In other
PURCHASES
Amount
$1,552,000
145,000
195,000
297,000
478T000
Rate
2
2
2
2
2
MATURITIES
Amount
Held Under
Sales Contracts
1/4> - 2 l/2 f.
3 /$
3/8$
1/4$ - 2 3/8$
1/4^ - 2 1/J$
$581,000
$4,215,000
2 3 /8 $
2,664,000
14,169,000
(25,000
foreig n
trade
b ills )
&2.667.000
’lew York
1 - 30 days
31-60
"
61-90
"
Over 90
"
2 ,6 6 8 ,0 0 0
1,657,000
90#000
17.000
i/ 4
X,A
i/4>
2/&
2 l/2/o
2 l /$
2 l/ZjL
£4.432.000
Philadelphia
1-30 days
31-60
"
439,000
77.000 2 1/2$
50.000 2 1 / 4
& 127.000
Cleveland
In other
d is tr ic ts
555,000 2 l/4 $
2 1 /2 $
833.000
0
0
Richmond
0
2 1 1 .0 0 0
Atlanta
0
426,000
(772,000
Unindorsed
b i l l s pur*
chased from
accepting
banks)
f
Reproduced from the Unclassified
I Declassified
Holdings of the National Archives
Authority
-
9 -
BANKERS ACCEPTANCES PURCHASES
Amount
M a tu r ity
Chicago
(C o n tin u e d )
R ate
1 - 3 0 days $
2 0 0 ,0 0 0 2 l / 4 $
6 1 -9 0
"
1 3 5 ,0 0 0 2 1 / 4 $
I n o th e r
7 4 4 ,0 0 0 2 l / 4 $ d is tr ic ts
1 1 ,0 7 9 , 0 0 0
MATURITIES
Amount
$ 9 1 7 , 000
H eld Under
S a le s C on trac
$ 3 5 5 , 000
2 l /2 $
1 7 8 ,0 0 0
S t . L o u is
M in n e a p o lis
K ansas C i t y
l a o th e r
d is tr ic ts
In
In
D a lla s
2 2 8 ,0 0 0 2 1 / 4 $ -
2 l /2 $
9 3 ,0 0 0
o th e r
d is tr ic ts
2 4 9 ,0 0 0 2 l / 4 $ -
2 l /2 $
2 0 6 , 0 00
o th e r
d is tr ic ts
5 9 7 ,0 0 0 2 l / 4 $ -
2
255, 000
1 5 0 .0 0 0 S o ld t o
Mem, B ks.
1 4 0 5 ,0 0 0
San F r a n c is c o
1 - 3 0 days
31*-60
"
6 1 -9 0
"
In -o th e r
d is tr ic ts
1 5 0 ,0 0 0 2 l / 2 $
-
2 3 /8 $
7 5 ,0 0 0 2 l / 2 $ 73, 0 00 2 1 / 2 $ 676, 000 2 l / 4 $ -
2 3 /8 $
2 3 /8 $
2 1 /2 $
1 ,0 5 1 ,0 0 0
&974r 0 0 0
T o ta ls
$10, 9 08, 000
,0. I£)SO f
3, 0 0 4 , 0 0 0
r
Reproduced from the Unclassified
I Declassified
DECLASSIFIED
Holdings of the National Archives
Authority
Executive Folder
J
i-i *
»W*4*
1 }
J u ly 9 , 1 9 2 4
Dear Sirs
R e c e ip t i s acknow ledged o f y o u r l e t t e r o f
th e 8 th i n s t a n t , e n c lo s i n g r e p o r t o f t r a n s a c t i o n s
in Government s e c u r i t i e s and bank ers a c c e p ta n c e s a s
r e p o r te d t o th e Open M arket In v estm e n t Com m ittee f o r
th e F e d e ra l R e se rv e System f o r th e p e r io d from June
26 t o J u ly 2 * 1 9 2 4 , i n c l u s i v e , t o g e t h e r w ith d a ta
r e c e iv e d fro m th e F e d e r a l r e s e r v e banks*
V ery t r u l y y o u r s f
(Signed) Walter L. Eddy
W a lte r L . E ddy,
S e c reta ry
Mr# V?* B. M a it e s o n , S e c r e t a r y ,
Open M arket In v estm e n t C o m m ittee,
c / o F e d e r a l R ese rv e Bank,
New York# N. Y .
,0 . /
C ) S O
'
I
'
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DECLASSIFIED
Authority
Fe
d er al
o f
R
e s e r v e
Ba
n k
New Y o r k
Open Market In v estm e n t Committee
f o r th e F e d e r a l R ese rv e System
CONFIDENTIAL
J u ly 8 ,
1924
S i r :
E n c lo se d
is
a report o f tr a n s a c tio n s
in G overn
ment s e c u r i t i e s and bankers a c c e p ta n c e s a s re p o rte d to th e
Open Market In v estm e n t Committee f o r th e F e d e r a l R ese rv e
System f o r th e p e r io d
s iv e ,
from June 26 to
Ju ly
2,
1 92 4 i n c l u
t o g e t h e r w ith d a ta r e c e iv e d by th e Com mittee from
th e F e d e r a l r e s e r v e b an k s.
[R e s p e c tfu lly ,
W0 B, M atteson
S e c r e t a r y o f th e Committee
Honorable D. R. C r is s in g e r ,
Governor, F ederal R eserve Board,
Washington, D. C.
Enclosure
SQ , /
£ ) S &
t
0E€LASj§IFlEB
Authority4^ ;Q. I£)SO f
Reproduced from the Unclassified / Declassified Holdings of the National Archives
c o n f i d e n t i a l
REPORT OF OPEN MARKET INVESTMENT COMMITTEE
WEEK ENDED JULY 2 , 1 9 2 4
C O N T E N T S
FEDERAL RESERVE BANK STATISTICS
Comparison o f H o ld in g s Changes in H o ld in g s -
Page
E a rn in g A s s e t s
Government S e c u r i t i e s
Bankers A c ce p ta n ce s
. - - . - - - - - - 1
-
- -
- -
- -
- -
- 1
CURRENT CONDITIONS
S e c u r it y M arket -
—
-
- - - - - 2
Bankers A c c e p ta n c e s Money M arket
-
- -
- -
- -
• -
• -
- -
- -
- -
• -
- -
- -
^ 5
OPERATIONS FOR T R E A S U R Y ---------------------------------------------------------------------------------- - 6
SYSTEM’ S SPECIAL INVESTMENT ACCOUNT
-
-
...................... ........................................ 7
TRANSACTIQMS AFFECTING INVESTMENT ACCOUNT ALL BANKS
Government S e c u r i t i e s -
8
B ankers A c c e p ta n c e s -
9
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
,0 . / 0 .S O
* 1 comparison of holdings of earning assets of federal reserve banks
___ _______________ FROM JANUARY 30 TO JULY 2, 1924____________ _______
[0 0 0 "a n itte d l
-1924Jon* 30
Feb. 27
March 26
A pril 30
May
28
June 25
July
2
TOTAL
EARNING
ASSETS
♦GOVERNMENT
$914, 881
950,801
942,080
873,381
850,193
826, 260
858, 556
$120,772
155,801
257,256
301,660
333,282
429,794
435,494
SECURITIES
BANKERS ACCEPTANCES
Sales
Purchases
Contracts
$235,930
205,022
164,947
102, 800
49,869
44,065
36,069
$35, 862
58, 288
37,511
21,685
36, 891
969
16, 742
BILLS
DISCOUNTED
$522,307
531,690
482,315
447,185
429, 600
350,131
369,001
♦Ineludes sa le s con tra cts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
___ _________________ DURING WEEK ENDING JULY 2. 1924
(000 Omitted)
GOVERNMENT SECURITIES
Balance
Net
Balance
Julv 2
June 25
&£££&
BANKERS ACCEPTANCES
Net
Balance
Balance
Change
June 25
M jlJ I
Boston
New York
P hiladelphia
Cleveland
Richmond
A tlanta
Chicago
St* Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
$ 33,111
141,001
28, 931
41,022
5,125
82
61, 549
8,153
24,389
26,181
21,120
44.218
$ 32,727
136, 237
28, 931
40, 574
5,125
409
60, 910
8,089
23,993
25,787
20,608
43. 642
$ 364*
4,764+
0
448+
0
327639+
64+
396+
394+
512+
576+
$ 1,863
10^ 370
1,937
3,355
660
1,070
2,535
410
934
1,677
7,823
3.435
„ jt « js a
T otals
$434p 882
$427.032
$7. 850+
$36.069
044,065
$ 1, 817
12,708
2,485
4,415
769
1, 377
3,758
844
1,187
2,036
8,379
$
46+
2, 338548*
1 , 0 6 c*
1093071,223^
434—
253359*
556855-
47,996-,
COMMENT OT] CHANGES FOR WEEK ENDED JULY Z
An increase in t o t a l earning assets o f the System o f $32,296,000 brought
t o t a l to the h igh est point sin ce A p ril 30, 1924,
Firmer money con d ition s ac
counted fo r the sharp ri$ e in b i l l s held under s a le s co n tra cts which advanced
$15, 773,000 w hile red iscou n ts and advances were increased $18, 870,000#
These
advances were p a r t ia lly o f f s e t by a fu rth er d e clin e in b i l l s purchased outright
o f $7,996,000*
Holdings o f Government s e c u r it ie s showed a n et advance o f
$5,700,000, representing purchases o f $7, 900,000 made during the we el? fo r the
System, s Special Investment Account which was o f f s e t in part by a reduction o f
$2,150,000 in s e c u r it ie s ca rrie d under repurchase agreement*
I
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A u th o r ity , 0 . /
£)S 0 I
<•* 2 •
SECURITY MARKET
General
Transact ion sia. the bond market fo r the period to ta le d approx*
Bond
Market
iiaately $96,000,000 compared with $84*000*000 during the previous week*
With the exception o f the p eriod ending June 18 in which tra n sa ct ions
to ta le d $119t 000*000 t h is was the la r g e s t volume o f tradin g in any one
week t h is year*
Advances in the high grade ra ilro a d issu es as w ell
as in the in d u stria l and p u b lic u t i l i t y bonds resu lted in a new high
fo r tha year in the d a ily average p rice o f fo r t y domestic bonds#
Trad
ing was Somewhat diminished during the l a s t part o f the period accon*
panytog f i r s t o f the month firm ness in money and bond p r ic e s moved
irregu la rly *
A nalysis o f bond tra n sa ctio n s during the f i r s t h a lf o f 1924
show the enormous growth o f the bond business as r e fle c t e d in the trad*
ing on the New York Stock Exchange.
In June 1924 tra n sa ction s to ta le d
$394,843,000* a new record f o r t h is month and almost $62,000^000 higher
than the previous record in June 1922*
For the f i r s t s i x months o f
t h is year tra n sa ctio n s to ta le d $1^827,400,000 which has been exceeded
only in 1920 and 1922*
These fig u re s include only sa le s on the Exchange
which are on ly a part o f the t o t a l sales*
Broad buying movements in fo re ig n government bonds brought
the French 8*s t o a new high at 103t w h ile the 7 l / 2 f s again touched par*
An average o f ten issues advanced t o 100#55 on June 28 a new high fo r
the year*
In the face o f new o ffe r in g s and reports o f more foreign
financing pending bonds o f foreig n governments sold o f f fr a c t io n a lly
at the clo s e o f the period and average on tea issu es closed at 100*33,
Trading in the foreign exchange market continued qu iet and
fe a tu re le ss during the week and business w&s in small volume*
S terlin g
moved w ithin narrow lim it s and closed on Wednesday at $4,328r p r a c t ic a lly
unchanged from the previous week*
French francs were 13 p oin ts low er at
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authorityj r . O .
- 3 •0519,
and B e lg ia n fr a n c s
Accompanying th e
fa ilu r e
c lo s e d a t * 0 4 5 6 ,
a l o s s o f abo u t 7 p o i n t s .
o f th e Governm ent’ s s t a b i l i z a t i o n p la n t o
p a s s th e Upper House th e D an ish krone l o s t more th a n 60 p o i n t s to
1 5 .6 4 b u t r e c o v e r e d to
1 5 .9 2
a t th e p e r i o d ’ s c lo s e *
N o tw ith s ta n d in g th e in t e r v e n in g h o lid a y new bond o f f e r i n g s
f o r th e week en ded J u ly 4 ,
1 9 2 4 » t o t a l e d $ 1 0 1 , 0 0 0 ,0 0 0 ,
$ 1 0 5 ,0 0 0 ,0 0 0 t h e week b e fo r e *
u tility
F in a n c in g
f o r th e a cc o u n t o f p u b li c
c om p a n ies, w hich t o t a l e d about $ 4 3 ,0 0 0 ,0 0 0 ,
o f th e new o f f e r i n g s ,
ment fin a n c in g
an i s s u e
w h ile
came n e s t
in o r d e r .
made up th e b u lk
r a i l r o a d and f o r e i g n g o v ern
The l a r g e s t s i n g l e o f f e r i n g was
o f $ 1 9 ,0 0 0 ,0 0 0 P e n n s y lv a n ia -O h io Power and L ig h t Company
5 l / 2 $ m ortgage b o n d s,
o ffe r in g
in d u s t r ia l,
a g a in s t
due 1 9 5 4 ,
p r ic e d to y i e l d 5 *65 $*
i n th e f o r e i g n group was an i s s u e
Hungary bonds b e a r in g a 7 1 /2 $
coupon,
The p r i n c i p a l
o f $ 7 ,5 0 0 , 0 0 0 Kingdom o f
and o f f e r e d t o
y i e l d 8 * 8 5 $ to
m a tu r ity i n 1 9 4 4 *
Liberty
Increased a c t iv it y in a l l Government bonds during the ea rly
Bond
M arket
p a r t o f th e p e r i o d s e n t p r i c e s
on th e T h ir d 4 l / 4 f s t o
a new r e c o r d
h ig h f o r a l l tim e a t 1 0 2 .1 2 w h ile o th e r i s s u e s were o n ly s l i g h t l y b e lo w
p r e v io u s r e c o r d p r i c e s *
W ith fir m e r to n e
i n money tow ard th e
c lo s e
o f th e p e r io d demand was somewhat d im in ish e d and i r r e g u l a r tr a d in g
r e s u l t e d in lo w er p r i c e s a t th e c lo s e *
S e c u r ity
F ir s t
Second
T h ir d
F o u rth
3
4
4
4
4
T re a su ry
4 l /4 's
•1
l/2 ’s
l/4 * s
1 /4 * 8
l /4 's
l /4 's
C lo s e
June 25
C lo s e
J u ly 2
H igh fo r
P e r io d
101*10
1 02
1 0 1 .6
102*2
1 0 1 .1 8
101*28
1 0 2 .1 2
101*25
1 0 2 ,1 2
1 0 2 .1 S
1 0 5 .1 5
102*3
1 0 4 .3 1
102*6
101*17
102*7
102*?
104*31
K ) Cj Q l
U ECD m m B
Reproduced from the Unclassified / Declassified Holdings of the National Archives
4 ^
New York
Market f o r
S h o r t-te r m
Governments
There was a c o n tin u e d s tr o n g demand t h i s week f o r s h o r t
te rm Government s e c u r i t i e s .
Su pply o f c e r t i f i c a t e s
hands o f d e a l e r s was sm a ll and few s i z a b l e
The 5 l/Z% T re a su ry N o t e s ,
k e t*
is s u e which
fa ile d
t o a d van ce,
m a t u r it y which h a s n o t been
have advanced s t e a d i l y
y ie ld s .
and n o t e s
amounts came i n t o th e mar*
due Septem ber 1 5 ,
1924,
G overnm ents,
was th e o n ly
D e a le r s app ear t o have a su p p ly o f t h i s
in a s good demand a s o th e r i s s u e s which
from 3 /3 2 t o 1 3 /3 2 ,
w ith con seq u en t lo w e r in g
N o te s m a tu rin g in 1 9 2 6 and 1 9 2 7 were ag a in
The f o llo w in g t a b l e
in th e
in
in th e b e s t demand.
compared y i e l d s on v a r i o u s m a t u r i t i e s o f s h o r t
at presen t o ffe r in g p r ic e s ,
w ith th o s e p r e v a i l i n g
a week
ago:
June 26
J u ly 3
U* S . C t f s .
o f I n d . m aturing 4 t o
..
tt
ii
»t
"
W
" T r e a s . N o te s
w
«
••
"
"
H
.f
m
1 Q
'*
«
i.
h
1 w
2 *'
”
over
6 months
1 2
2
2 years
3
w
3
2 .2 8
2 .6 5
3 .1 9
3 .4 7
3 .5 4
1 ,9 6
w
. 4
8
3*01
3 .3 1
w
3 .4 1
BANKERS ACCEPTANCES
R a te s
R a te s e s t a b l i s h e d
b id ,
2^ o ffe r e d ,
d is tr ic ts
le v e l
A b stra ct
o f R e p o r ts
from Banks
in New Y ork on F r id a y ,
rem ained unchanged th ro u g h o u t th e p e r i o d .
r e p o r t lo w e r r a t e s
a s p r e v a ile d
k e t had been c r e a te d
ment*
Some o f th e b i l l s ■oriiieh came in t o th e mar
some tim e ago b u t were h e ld by th e a c c e p tin g
coming m o s tly from l a r g e
w h ile c o u n tr y banks b ou gh t l i t t l e
how ever,
was in e x c e s s o f demand,
in h o ld in g s o f d e a l e r s .
b ill
su p p ly o f b i l l s was somewhat in
T here was a good demand f o r b i l l s ,
su p p ly ,
d e a le r s to
O th er
in New Y o rk .
c re a se d d u rin g th e w eek.
c i t y b a n k s,
a t 2 l/&%
from o v e r th e p r e v io u s week t o t h e same
Boston r e p o r t s t h a t th e
bank.
June 2 7 ,
a t th e 2% r a t e .
r e s u ltin g
In c r e a s e d c a l l money r a t e
The
in some in c r e a s e
o f m onth-end s e n t
r e s e r v e bank w ith o f f e r i n g s u n d er re p u rch a se a g re e
In Mew York th e m arket was e x c e e d in g ly q u i e t .
W ith a good
[T
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A u t h o r i t y ;Q.
demand,
5 -
c o u p le d w ith d e p le te d p o r t f o l i o s
coming i n t o th e m arket,
and a em ail
d e a l e r s lo w ered t h e i r r a t e s
2 l/Q% o f f e r e d - t o 2 l / 8 $ b i d , 2% o f f e r e d .
a few b i l l s b u t t h e r e was a d i s t i n c t
th e
fir s t
su p p ly o f b i l l s
from 2 l/$% b i d ,
Lower r a t e s bro u g h t out
s la c k e n in g
in t h e demand and on
o f th e month d e a l e r s p o r t f o l i o s were in c r e a s e d
C h icago r e p o r t s o n ly a f a i r
/
s u b s ta n tia lly .
su p p ly o f b i l l s w ith a good demand,
e s p e c ia lly
f o r th e s h o r t m a t u r i t i e s .
u a tm MARKET
S to c k exchange c a l l money h e ld
on Monday,
June 3 0,
a t th e
2%
l e v e l w hich had r u le d s in c e June 1 0 f o r b o th re n e w a ls and new l o a n s b u t
on T uesday,
J u ly 1 ,
f o llo w i n g h e a v y l o s s e s
was a s u b s t a n t i a l r e d u c t io n
opening a t
had r u le d
in th e
o f fftcxds t o th e
in te r io r ,
su p p ly o f money on o f f e r .
th ere
F o llo w in g
2% r a t e advanced t o 3% a t th e c l o s e , th e f i r s t tim e t h a t charge
s in c e June 5 .
Maximum ch arge a t 3/£ was unchanged on W ednesday.
A verage <£aily new l o a n 9 t o t a l e d
about $ 2 0 ,0 0 0 ,0 0 0 ,
a p p r o x im a te ly d o u b le
t h a t o f t h e p r e v io u s w eek, ts h ile on th e l a s t two days o f th e p e r io d o n ly
$ 1 ,0 0 0 , 0 0 0 rem ained u n l e n t .
G a ll l o a n s se cu red by a c c e p ta n c e s advanced
1% from t h e i r r e c e n t lo w re c o r d t o 2 l/ 2 %.
D e s p it e th e
f i n n e r to n e
in c a l l money,
fu n d s rem ained unchanged d u rin g th e p e r io d *
ever,
on tim e
On T h u rsday,
J u ly 3 ,
how
t h e r e was a fir m e r to n e and r a t e s on a l l m a t u r i t i e s w ere g e n e r a ll y
in c r e a s e d 1 / 4 $ .
a c tiv e *
The m arket f o r com m ercial p a p e r was g e n e r a l l y v e r y
The b u lk o f prim e names moved a t 3
at 3 l /4 ^ j
ra te s
l/2%, w ith a s m a ll amount
l e s s known p a p er d is c o u n te d a t 3 3 / 4 %
O
f
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority;Q . /
C ) S O
*» 6 —
OPERATIONS FOR ACCOUNT OF UNITED STATBS TREASURY
A t th e
New York s o ld
r e q u e s t o f th e T r e a s u r y th e F e d e r a l R eserve Bank o f
from th e
in v e stm e n t h o l d i n g s o f th e A l i e n P r o p e r ty Cus
to d ia n $ 4 , 2 6 6 ,9 5 0 T h ird L i b e r t y Loan 4 l/$% bonds t o th e T r e a s u r y 's
A ccoun t -
P u rch a ses from S u r p lu s Money*
and p u rch ased
f o r a cc o u n t o f th e A l i e n P r o p e r ty C u sto d ia n
c e r tific a te s
o f in d e b te d n e s s c o n s i s t i n g
December 1 5 ,
1924,
o f $ 2 ,9 0 0 , 0 0 0 m aturing
is s u e
$ 8 ,0 0 0 , 0 0 0 F ourth L i b e r t y Loan 4 l/4% b o n d s ,
o f c e r t i f i c a t e s m a tu rin g December 1 5 ,
$ 1 , 0 0 0 , 0 0 0 c e r t i f i c a t e s due March
15,
S e r v ic e R etirem e n t and D i s a b i l i t y
Fund.
19 2 5 ,
B oston
New York
n
”
$
P u rch a ses a g a in s t t h i s
auth
as fo llo w s ;
P h ila d e lp h i a
"
5 0 0 ,0 0 0 T D -1 9 2 4 C / l
1 , 0 0 0 , 0 0 0 f o u r t h L .L . 4 l / 4 %bonds
C h icago
H
"
3 0 0 ,0 0 0 T D -1 9 2 4 C / l
3 5 0 ,0 0 0 TEE-1925 ,f "
3 , 0 0 0 , 0 0 0 Fourth L .L . 4 l / 4 # bonds
T o ta l
and
2 0 0 ,0 0 0 T D 2 -1 9 2 4 C /l
3 4 5 ,0 0 0 T M -1925 *' "
4 ,0 0 0 , 0 0 0 Fourth L . L« 4 l / 4 # bonds
D a lla s
1924,
f o r a ccou n t o f th e C i v i l
o r i z a t i o n had been made in th e v a r i o u s d i s t r i c t s
M is c e lla n e o u s
1925,
th e T re a s u r y a u t h o r iz e d th e pu rch a se o f $ 10 ,0 0< }0 c
Government s e c u r i t i e s ;
$ 1 ,0 0 0 ,0 0 0 e it h e r
in re p la ce m e n t $ 4 ,2 6 7 ,0 0 0
and $ 1 * 3 6 7 ,0 0 0 m a tu rin g March 1 5 ,
On June 2 8 ,
in th e m arket
3 0 5 . OOP TM -1925 C / l
$ 1 0 ,0 0 0 ,0 0 0
A t th e r e q u e s t o f th e T r e a s u r y th e F e d e r a l R eserv e Bank o f
New York a l s o pu rch a sed $ 3 ,5 0 0 T M -1925 c e r t i f i c a t e s
I n te r -s ta te
Commerce Commission -
f o r a cco u n t o f th e
R a ilr o a d C o n tin g e n t Fund,
I
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority j ^ ; Q . I £ ) S 0 I
SYSTBM*S SPECIAL INVESTMENT ACCOUNT
A d d it io n a l p u rch a se s were made du rin g th e p e r io d o f $ 7 ,9 0 0 ,0 0 0 U* S .
Government s e c u r i t i e s
System *
fo r th e S p e c i a l In v estm e n t A ccount f o r th e F e d e r a l R eserve
The t o t a l app ortion m en t a t th e c lo s e
o f b u s in e s s J u ly 2 ,
amounted to
$ 3 7 0 ,7 3 1 ,1 0 0 as f o l l o w s :
B o sto n
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
Chicago
S t . L o u is
M in n e a p o lis
Kansas C it y
D a lla s
§a n F ra n c isc o
T re a su ry N otes
$ 6 * 8 3 6 ,0 0 0
3 1 ,1 8 5 ,0 0 0
4 ,1 9 8 * 5 0 0
7 ,9 2 3 ,5 0 0
9 0 4 ,5 0 0
0
1 2 ,9 2 2 ,0 0 0
1 , 4 1 7 ,0 0 0
3 ,4 9 4 ,5 0 0
3 ,9 5 1 ,0 0 0
4 , 3 7 6 ,5 0 0
7 . 8 7 5 10 00
$ 2 2 ,7 1 5 , 2 0 0
1 0 8 ,6 1 3 ,8 0 0
7 ,1 4 3 ,1 0 0
2 6 ,3 8 3 ,1 0 0
2 ,8 7 9 ,7 0 0
0
4 2 ,3 6 9 , 6 0 0
6 ,7 3 6 ,1 0 0
1 3 ,0 4 3 ,0 0 0
1 3 , 6 5 2 ,6 0 0
1 4 ,9 6 4 , 2 0 0
2 7 .1 4 7 r 200
$ 2 9 ,5 5 1 ,2 0 0
1 3 9 ,7 9 8 ,8 0 0
1 1 ,3 4 1 ,6 0 0
3 4 ,3 0 6 ,6 0 0
3 ,7 8 4 ,2 0 0
0
5 5 ,2 9 1 , 6 0 0
8 ,1 5 3 ,1 0 0
1 6 ,5 3 7 ,5 0 0
1 7 ,6 0 3 , 6 0 0
1 9 ,3 4 0 ,7 0 0
3 5 .0 2 2 .2 0 0
$ 8 5 ,0 8 3 ,5 0 0
$285 . 647.. 600
§ 3 7 0 .7 3 1 .1 0 0
RECAPITULATION OF PURCHASES
Made By
Amount
B o sto n
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A tla n ta
C hicago
S t , L o u is
M in n ea p o lis
D a lla s
San F ra n c isc o
$
T o ta l
C e r tr o f In d .
9 ,0 9 8 ,5 0 0
3 3 7 ,6 2 3 ,8 0 0
2 ,6 2 9 ,5 0 0
8 4 0 ,0 0 0
6 0 0 ,0 0 0
1 ,2 4 1 ,4 0 0
7 ,1 5 0 ,0 0 0
9 3 6 ,9 0 0
1 1 3 ,0 0 0
6 ,5 6 9 ,0 0 0
4 ,4 2 9 * 0 0 0
§ 3 7 0 .731>100
RECAPITULATION OF PURCHASES BY MATURITIES
S e p t.
D ec.
March
Dec*
March
S e p t.
March
D ec.
15,
15,
1924
1924
1925
1925
1925
15,
15,
15,
1 5 , 1926
1 5 , 1926
1 5 , 1927
1 5 , 1927
$ 3 7 ,7 6 0 ,5 0 0
8 4 ,7 7 4 ,0 0 0
8 5 ,1 6 0 ,0 0 0
2 7 ,2 8 2 ,7 0 0
2 8 ,5 5 2 ,0 0 0
3 8 ,7 0 7 ,6 0 0
1 3 ,1 5 1 ,0 0 0
3 8 ,0 4 7 ,0 0 0
1 7 ,2 9 6 ,3 0 0
$370.731.100
IT"""
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority
, Q . / C ) .S O I
m. 8 -
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
_________ALL FEDERAL RESERVE BANKS FROM JUNE 26 TO JULY 2. 1924
GOVERNMENT SECURITIES
Purchasea
Boston
Sales
Issue
$1,018,900 P art, System Inv.T/N
— 18-000
M
" C /i
0179,400 Part.System Inv.T/N
473.500
"
"
" C/I
11^036, 900
$652,900
New York
P hiladelphia
Cleveland
Issue
Held
l&ider Sales
Contracts
011,650
5,238,800 Part. System Inv.T^J
577,800 Part. System Inv*T/il
153,000
"
*
" C /l 1,550,000
"
"
" C /l
■J.j.500. OOP one-day holdover fo r
apportionment t o
06, 891. 800
F. R. Banks
02.127. 800
330,200 Part.System In v .H/n
90,700 Part.System Inv.T/N
239.500
w
*
C /l
1,184,000 Part* System Inv„ T/n
21. OOP
"
"
" C/l
208.000 P art. System Inv.T/fo
&, 2Q5|. 000
Richmond
110,300 Part. System Inv.T/fa
30,300 Part. System Inv.T /h
80,000
"
"
” C /I
QUO. 300
Atlanta
221,650 M isc. Gov’ t Sec*
Chicago
1,873,400 Part. System Inv*T/to
30.000
»
»
" C /I
549.000 M isc. G o v 't Sec#
347,400 Part.System Inv.T/N
916.000
w
"
" C/l
S i. 263,400
S t. Louis
263,200 P art. System Inv.T^J
3.000
"
*
" cA
0266.20Q
Minneapolis
560,300 Part# System Inv,T/4l
9,000
"
"
* C/l
204.000 Misc* Gov’ t Sec*
^773. 300
I
55,700 Part. System Inv.T/fy
146.500
"
H
" C /l
.
0202 200
103,800 Part.System Inv.T/N
273,500
"
M
" C /l
0377. 300
0
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u th o r ity ;Q . / C)S
** 9 ~
GOVERNMENT SECURITIES - (Continued)
P u rch ases
K an sas C i t y
S a le s
Issu e
$ 6 4 4 , 300 P a r t . S y stem I n v ,
H
ir
i»
1 5 ,0 0 0
.... 7 4 ,6 0 0 M is c . G o v 't S e c ,
$ 93, 300
246, 000
T/N
c/l
$ 7 3 3 . 900
D a l la s
C/X
& 3 3 9 .3 0 0
9 1 9 , 900 P a r t ,
nr
2 4 . 000
1 1 8 ,9 0 0
3 1 3 ,0 0 0
S y stem I n v . > T/fa
w
n C /l
& 9 4 3 ,900
C /l
$ 4 3 1 , 900
San F r a n c i s c o 1 ,2 5 6 ,7 0 0 P a r t ,
*♦
2 7 ,0 0 0
T o ta ls
Issu e
H e ld
U nder S a le s
C o n tra cts
1 9 4 ,7 0 0
513. 000
S ystem I n v ,T /N
n
tt
c/l
$ 1 , 283. 700
$ 7 0 7 . 700
$ 1 5 ,7 0 0 , 200
$ 7 . 849. 00 0
C/l
S 6 1 1 » 650
BANKERS ACCEPTANCES
M a t u r it y
lo s to n
MATURITIES
PURCHASES
Amount
180 days
In o th e r
d is tr ic ts
R a te
$600 , 000 2 1 / 4$
1 4 2 , OOP 2 1/ 4$
Amount
$ 6 9 6 ,0 0 0
H e ld Ufcder
S a l e s C (a t t r a c t s
$ 1 ,6 2 3 ,0 0 0
$ 7 4 2 ,OOP
New Y ork
1-30 d a y s 1,039,000 2 1/ 4%
31-60
"
60,000 2 1/4$ - 2 1/2$
61-90
"
37,000 2 l / $ - 2 \/Z%
Over 90
"
37. OOP 2 l /4 $ - 2 l /2 $
3, 5 1 1 ,0 0 0
1 3 ,9 1 4 , 000
( 2 5 ,0 0 0 fo r
e ig n t r a d e
b a lls )
$1,173,000
P h i l a d e l p h i a 1 *3 0 d a y s 1 3 8 ,0 0 0 2 l/2f0
3 1 -6 0 tf
4 ,0 0 0 2 l / 2 #
6 1 -9 0
*
5 7 . OOP 2 l/Z%
7 4 7 ,0 0 0
& 1 9 9 .0 0 0
C le v e la n d
1 - 3 0 d a y s 2 2 9 ,0 0 0
6 1 -9 0
"
3 2 3 ,0 0 0
In o th e r
1 7 3 . OOP
d is tr ic ts
$ 7 2 5 .0 0 0
Richmond
0
2 1/ 8%
2 1/ 4 $
2 1/ 4#
1 ,7 8 5 , 000
109, 000
0
Reproduced from the Unclassified
I Declassified Holdings of the National Archives
Authority4 ^ - 0 . i £ ) S 0 I
-
10
-
BANKERS ACCEPTANCES « (Continued)
Maturity
Atlanta
Chicago
Kansas City
Dallas
Rate
0
In other
d is t r i c t s
S t. Louis
Minneapolis
PURCHASES
Amount
In other
d is t r ic t s
In other
d is t r ic t s
1-30 days
In other
d is tr ic ts
$237,000 2 1/4 /,
MATURITIES
Amount
$
307,000
Held Under
Sales Contracts
($1,119,000 Unin
dorsed b i l l s
purchased from
a ccep tin g banks)
1,460,000
0
434.000
80.000 2 1 /4 $
333.000
121.000 2 1 /4 $
480.000
15.000 3$
165.000 2 1 /4 $
736.000
$180,000
San Francisco 1-30 days
31-60 w
In other
d is t r i c t s
178,000 2 1 /4 $ - 2 1 /2 $
8,000 2 1 /4 $ - 2 1 /2 $
37.000 2 1 /4 $
1,078,000
61,000
|223,000
TOTALS
13,680,000
$11,676,000
#16,742,000
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
Dear Sir*
R eceipt is acknowledged o f your le t t e r o f
June 30thf en closin g re p o rt o f tran saction s in Govern
ment s e c u r itie s and bankers acceptances as reported to
your conm ittee fo r the Federal Reserve System fo r the
period from June 19 t o June 25, 1924, in c lu s iv e , to
gether with dsta received by the conm ittee from the
?e- ern l reserve banks.
Very tru ly yours.
(S ig n e d ) W & lte? L. B d d y
Walter L. Eddy*
Secretary
Mr. «V. B. Matteson, Secretary,
Open Market Investment ■Jommittee,
o /o Federal Reserve Bank,
Hew York, N. Y.
;Q . / C ) S O I
PPF
DECLASSIFIED
^ ^ ^ ^ & ^ ^ ^ ^ rr^h ^J n c lH S S frie d ^ D 6 d a s s ifie ^ H o ld in g ^ o ^ h ^ N a tio n a ^ rc h iv 6 S
Authority, 0 . (C ) S O f
Fe
deral
R
of
N
e s e r v e
ew
Yo
Ba
n k
r k
Open Market Investment Committee
fo r the Federal Reserve System
June 30, 1924.
CONFIDENTIAL
S i r :
Enclosed i s a report o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the p eriod from June 19 to June 25, 1924 in c lu
s iv e , togeth er with data received by the Committee from
the Federal reserve banks.
> ectfu lly,
W. 8. Matte son
Secretary of the Conrciittee
Honorable D. R. C rissin g er,
Governor, Federal Reserve Board,
Washington, D. C.
Enclosure
Reproduced from the Unclassified / Declassified Holdings of the National Archives
,Q . / C ) S O f
Authority
C O NF I D E NT I A L
REPORT OF OPEN MARKET INVESTMENT COMMITTEE
WEEK ENDED JUNE 25, 1924
CONTENTS
FEDERAL RESERVE BANK STATISTICS
Page
Comparison o f Holdings - Earning A s s e t s - - - - - - - - -
I
Changes in Holdings - Government S e c u r it ie s -
1
Bankers A cceptances-
1
CURRENT CONDITIONS
S ecu rity Market- - - - - - - - - - - - - - - - - -
---- -
2
Bankers A cceptances- - - - - - - - - - - - - - - - - - -
4
Money Market - - - - - - - - - - - - - - - - - - - - - -
5
OPERATIONS FOR TREASURY ---------------------------------------------- ----------------
*
SYSTEM’ S SPECIAL INVESTMENT ACCOUNT----------------------------- --- ----------
6
TRANSACTIONS AFFECTING INVESTMENT ACCOUNT ALL BANKS
Government S e cu ritie s
8
Bankers A cceptances-
9
DECLASSIFIED
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority
, 0 , IC) S O
COMP.PRISON OF HOLDINGS OF EARNING A.SSETS OF FEDERAL RESERVE
____________ BANKS FROM JANUARY 30 TO JUNE 25 , 1924___________
(000 Omitted)
TOTAL
^GOVERNMENT
BANKERS ACCEPTANCES
Sales
Purchases
Contracts
earning
-1924Jan *
Feb March
A pril
May '
June
it
««
it
ASSETS
30
27
26
30
28
4
11
18
25
$914,881
950,801
942,080
873,381
850,193
856,243
844 ,579
835,905
826,260
SECURITIES
1235,930
205,022
164*947
102,800
49 ,869
43,420
42 ,791
56 ,116
44,065
$120,772
155 ,801
257,256
301,660
333 ,282
397,890
422 ,905
425 ,902
429 ,794
$35,862
58,288
37,511
21,68$
36 ,891
12 ,212
1,590
1,206
969
BILLS
DISCOUNTED
$522 ,307
531,690
482 ,315
447,185
429,600
401,420
375,992
351,380
350,131
*Ineludes sales con tra cts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY 5EDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
___________________ DURING V7EEK ENDING JUNE 25, 1924_____________________ .
(000 Omitted)
GOVERNMENT SECURITIES
Net
Balance
Balance
June 25
Change
June 18
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
T otals
BANKERS ACCEPTANCES
Net
Balance
Balance
Change
June 18
June 25
$ 32,727
136,237
28,931
40,574
5,125
409
60,910
8,089
23,993
25,787
20,608
43JH2
$ 32,221
136,544
28 ,931
39 ,981
5,125
194
60,066
8 ,004
23,590
25,351
20,443
_ i2 J !8 3
$
506+
307-0 593+
-0 215+
844+
85+
403+
436 +
165+
759 +
$ 1 ,817
12 ,708
2 ,485
4,415
769
1,377
3,758
844
1,187
2,036
8,379
4,290
§ 2,977
18 ,247
3,484
5,638
969
2 ,078
5,590
1,196
1,586
2 ,369
6 ,726
5.256
$ 1,1605 ,5399991,2232007011,8323523993331,653+
966-
$427.032
^423.333
$3,699+
144,065
$56,116
$12 ,051-
COMMENT ON CHANGES FOR BESK ENDED JUNE 25
Total earning assets o f the System declined |9,645,000 from over the pre
vious week . Holdings of Government s e c u r itie s were the only assets t o show an in
crease , advancing $3,892,000, o f which $3,417,000 represented purchases made during
the week for the System's Special Investment Account- Accompanying further ease in
money co n d itio n s , rediscounts and advances declined $1,249,000, and b i l l s held under
sales con tra cts were reduced $237,000- R e la tiv e ly heavy m aturities with only a
moderate amount o f new purchases accounted for the lo s s o f $12,051,000 in holdings of
b i l l s purchased o u tr ig h t.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
;Q . / £ ) S O f
.. 2 ~
SECURITY MARKET
General
Bond
Market
Although the bond market was a ctiv e during the period compared
with what i s considered a normal volume o f tradin g there was, however,
some slackening in the demand from the recent p eriod o f broad buying*
Transactions fo r the period to ta le d $84,000,000 against $119,000,000 the
previous week.
High grade domestic iss u e s, in clu d in g in d u s tr ia ls , r a i l
roa d s, p u b lic u t i l i t i e s and tr a c tio n bonds were a ctiv e but p r ic e advances
were moderate-
Along with strength in certa in o f the r a ilro a d stocks low
p rice d ra ilro a d bonds were e x ce p tio n a lly strong, advancing to new high
IT
p r ic e s fo r the year and in severa l instances t o new highs fo r a period
o f several y ea rs.
Follow ing artnouneement o f reduction in t i r e p r ic e s and
in d ica tio n s o f reduced p r o f i t s p referred stocks and bonds o f rubber com
panies were lower*
The d a ily average p rice o f fo r ty domestic bonds ad
vanced during the week from 80.37 t o 80*48, which was on ly s lig h t ly below
the high le v e l fo r the year o f 80*60 esta b lish ed on June 16.
The higher trend o f p r ie e s now p r e v a ilin g on dom estic bonds,
with consequent lower y ie ld s , has resu lted in a strong demand fo r foreign
d o lla r is s u e s .
French, B elgian, Austrian and some South American issues
reached new high le v e ls during the week.
Averages on ten issu es advanced
from 99.81 on June 18 to 100*44 on June 26, a new high average fo r the
year#
F ollow ing advance to approxim ately §4*34, s t e r lin g was irreg u la r
and at the c lo s e o f the period was one cent lower at $4*33.
Trading was
q u ie t ; French and B elgian francs were only m oderately a ctiv e and closed
fr a c t io n a lly lower at *0532 and .0463 r e s p e c t iv e ly .
In Far Eastern
cu rren cies Japanese yen, r e f le c t in g the decided improvement in the trade
p o s it io n o f th at country, moved up to $.4175, an advance o f n ea rly 1/2
cent*
With the o f f e r in g o f $105,000,000 new bonds fo r the week ended
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority
;Q . I C ) S O t
.. 3
June 27, 1924, against $92,000,000 the week b e fo r e , the aggregate o f
new issu es for the past fiv e weeks was increased to over §516,000,000*
O ffe rin g s in the r a ilro a d group to ta le d about $50,000,000*
This large
in crea se was due p r in c ip a lly t o new ra ilro a d issu es to liq u id a te loan,
by the Railroad Adm inistration made in 1920,
The old loans bore 6$
in te re s t while the new issues a l l carried a
t o y ie ld frcm 5% t o 5.27$,
coupon and were offe re d
In the p u b lic u t i l i t y group the la rg est
o f f e r in g was &9,000,000 6/£ D etroit United Railway bonds, due 1929, and
o ffe r e d t o y ie ld 6.24/£t
Seventeen small issu es made up the t o t a l o f
$24,000,000 in the sta te and m unicipal group.
L iberty
Bond
Market
L ib erty Loan bonds fa ile d to maintain t h e ir recent a c t iv it y
and showed gradual p r ic e d eclin es during the f i r s t part o f the p e rio d .
Demand was con siderably diminished and turnover o f $17,500,000 was
le s s than h a lf as large as in the previous week*
A ll p r ic e s at the
p eriod *s clo s e showed fra ctio n a l lo s s e s from the y e a r's record high
p r ic e s fo r a l l issu es esta b lish ed on June 14,
The fo llo w in g ta b le compares c lo s in g p r ic e s on Y/ednesday
with those a week ago, togeth er with the highest p r ic e s reached during
the p e rio d :
S ecu rity
F irs t
3
4
Second
4
Third
4
Fourth
4
Treasury 4
l /2 s
l /4 s
l /4 s
l /4 s
l /4 s
l /4 s
Close
June 18
Close
June 25
High fo r
Period
101.10
101.5
101.10
102 .
101.6
102.
101.6
101•31
102.4
104.28
102.2
102.3
104.31
102.3
101*9
102.4
102*5
105.3
New York
The short-term Government se cu rity market continued moderMarket for
Short-term a t e ly a ctiv e throughout the week. Trading in Treasury c e r t i f ic a t e s
Governments
and notes was in f a ir volume and p r ic e s on p r a c t ic a lly a l l issues
advanced from 1 /3 2 to 5 /3 2 .
With a s c a r c ity in the supply o f c e r
t i f i c a t e s and fu rth er ease in ra tes fo r a l l cla ss e s o f money there
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority- 0 . / £ ) S O I
~ 4 ~
has been a continued good demand fo r Treasury notes o f 1926 and 1927*
The follow in g ta b le compares y ie ld s on variou s m atu rities o f short
Governments at present o ffe r in g p rice s with those a week ago,;
June 26
June 19
U* S. Ctfs* o f Ind. maturing 4 t o 6 months
« "
»»
’»
«
**
10 w 12
"
** ” Treas. Notes
M
1 11 2 years
2.28
2.65
3.19
2,40
2.72
3.24
r.
«,
„
tf
tr
"
"
”
"
"
2
"
Over
3
"
3 ,4 7
3 .5 3
3
"
3.54
3.58
BANKERS ACCEPTANCES
Rates
With e a s ie r money con d ition s dealers* rates on bankers ac
ceptances showed s t i l l fu rth er ease*
At the clo s e o f the period on
Wednesday Boston and Chicago reported rates on 90-day m atu rities at
2 l/4j£ bid, 2% o ffe r e d , while in New York and P h ilad elp h ia ra tes were
2 l/4/£ b id , 2 l/8/£ offered *
On Friday, June 27, there was a s t i l l
^.further reduction in New York, d ealers with but one exception reducing
t h e ir ra tes t o 2 l / 8 $ b id 2% offered*
Abstract
o f Reports
from Banks
Boston rep orts that the supply o f b i l l s has been poor as
makers are h old in g t h e ir own b i l l s rather than s e llin g them*
reduced bid rate did not bring out any more b ill s *
The
The demand, while
sp otty, has been g en era lly good; country banks buying in small volume
w hile corp ora tion s and savings banks have been p r a c t ic a lly out o f the
market*
Best demand has been evidenced fo r m atu rities up t o 90 days.
New York the b i l l supply has been e x ce p tio n a lly small*
Demand, how
ever, remained very good even at the low er ra tes and dealers* p o r t fo lio s
at the clo s e o f the p eriod were almost at the low point fo r the year,.
Sales were confined p r in c ip a lly t o lo c a l banks and o ffe r in g s to us were
n e g lig ib le .
In P h iladelphia con d ition s in the b i l l market were some
what improved over the previous week.
The demand was e s p e c ia lly strong
fo r short b i l l s running 30 days or less*
Increased b u y in g ’was evidenced
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
0. /6 5 0 /
- 5 on the part o f in t e r io r banks, with very l i t t l e change in the p o sitio n o f the
lo c a l banks*
The reduction o f ra tes has so fa r fa ile d to increase the supply o f
lo c a l names to any appreciable ex ten t.
MONEY MARKET
Rates on Stock Exchange c a l l money were unchanged during the period from
the 2% le v e l which has ruled sin ce June 10 on both renewals and new loans*
There
was a decided increase, however, in the supply o f money on o f f e r and la rge amounts
were l e f t unloaned at each day’ s close*
The demand was exceed in gly small, average
d a ily turnover o f new loans to ta le d about $10,000,000.
C all loan s secured by ac
ceptances were lowered l / 4 % t o 1 l / 2 %
The time money market continued dull*
was a further ease in ra tes.
With increased o ffe r in g s -there
Lower ra tes, however, did not improve the demand*
On Wednesday, June 25, fu rth er record low rates since 1917 were esta b lish ed on
90 day funds which were quoted at 2 3 /4 f, and s ix months* m atu rities at 3 l/4% t o
3 X/Zfc*
Loans fo r seven months, which now extend over the year end, were reported
at 3 l/2^ *
There was a continued strong demand fo r commercial paper.
With in
creased demand and continued small supply the volume o f prime names going at 3 l/2 /£
was su b sta n tia lly increased*
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
The Treasury requested the Federal Reserve Bank o f New York t o make
purchases in the market aggregating $23,400,000 o f the 4% c e r t i f i c a t e s o f indebted
ness due March 15, 1925, fo r d e liv e ry on or b efore June 30, 1924, fo r account o f
the A lien Property Custodian*
Of t h is amount purchases aggregating $20,000,000
were to be made as funds became a v a ila b le through the sale from the C ustodian's
Account o f Third L ib erty Loan bonds t o the Trsasury’ s Account - Purchases from
Surplus Money.
Owing t o the in a b ilit y t o complete t h is order through purchases
in the market, the Committee approved the sale from the h old in gs o f the System1s
Special Investment Account o f $8,155,000 c e r t i f i c a t e s o f t h is issue at market
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
, 0 . IC ) S O f
— 6 ->
p rice s with the understanding that these s e c u r it ie s were t o be sold
as and when they could be replaced by other issu es.
At the request o f the Treasury the Federal Reserve Bank o f
New York a ffe c te d p riv a te purchases aggregating ^18,000,000 Third
4 l / 4 $ L ib e rty Loan bonds fo r account Purchases from Surplus Money
in the Treasury*
M iscellaneous
At the request o f the Treasury the Federal Reserve Bank o f
New York a lso purchased $284,000 par amount Treaary bonds o f 1947/52
fo r account o f the United States Government L ife Insurance Fund and
$63,000 Tlyfr-1925 c e r t i f i c a t e s o f indebtedness fo r account o f the I n t e r State Commerce Commission - Railroad Contingent Fund*
SYSTEM1S SPECIAL INVESTMENT ACCOUNT
In order t o supply the Treasury with 4$ c e r t i f i c a t e s mature
Sag March 15, 1925 against t h e ir orders aggregating $23,400,000
sa le s o f t h is issue were made as noted above from the System’ s Special
Investment Account aggregating 48.155,000 and replacement in other
s e c u r it ie s was made as fo llo w sr
SAXES - C e r t ific a t e s o f Indebtedness
P rice
(Y ie ld )
Issue
2*55$
2.50$
2*45$
2.40$
2.35$
March 15, 1925
M
»l
«
n
n
n
n
«
ti
tt
t?
n
PURCHASES
June
June
March
Dec*
March
Sept.
Sept*
Sept*
March
Dec.
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
1925
1925
1925
1925
1926
1926
1926
1926
1927
1927
-
Par Value
§ 500,000
4,555,000
2,500,000
200, 000
400.000
$8,155, 000
Treasury Notes
2, 72$
2.65$
2,50%
3.17$
3.28$
3*48%
3.44$
3*42$
3*55$
3*57$
300.000
200.000
1, 000,000
414.000
1,500,000
500, 000
1, 341,000
2,000,000
100, 000
800.000
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority
,0 . / C ) 5 0 I
• 7 *
Apportionment o f United States Government s e c u r it ie s held in the
Special Investment Account f o r the Federal Reserve System at the clo s e of
business June 25, 1924 amounted t o $362,831,100 as fo llo w s :
Boston
New York
P hiladelphia
Cleveland
Richmond
A tlanta
Chicago
St. Louis
Minneapolis
Kansas C ity
D allas
San Francisco
Cert* o f Ind^
Treasury Notes
Total
$7, 291,500
32,582,000
4, 438, 000
8, £51, 500
984, 500
0
13,808,000
1, 560, 500
3,759,000
4,182,000
4, 665, 500
8. 361. 000
$21,875, 700
102, 452, 800
6, 903, 600
25,407,100
2, 799,700
0
40, 843, 600
6, 528, 600
12, 586, 500
13,101, 600
14,163, 200
26* 085, 200
$ 29,167,200
135,034, 800
11,341, 600
33, 858, 600
3, 784, 200
0
54, 651, 600
8,089,100
16, 345, 500
17, 283, 600
18, 828, 700
34. 446, 200
§90,083. 500
§272,747,600
&362, 831,100
RECAPITULATION OF PURCHASES
Made By
Amount
Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
D allas
San Francisco
$
8, 748, 500
333, 544, 800
2,029,500
340,000
600,000
1, 241,400
7,150, 000
936, 900
113,000
3, 698,000
4,429,000
$362,831.100
RECAPITULATION OF PURCHASES BY MATURITIES
Sept*
Dec*
March
June
Dec*
March
Sept*
March
Dec*
15,
15,
15,
15,
15,
15,
15,
15,
15,
1924
1924
1925
1925
1925
1926
1926
1927
1927
$ 37,760,500
86,974,000
87,110, 000
25,032,700
28, 538,000
33,307,600
10, 965, 000
37, 297,000
15, 846, 300
S362v831,100
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority j ~ , Q . I ( ) S O I
~
8 -
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
________ALL FEDERAL RESERVE BANKS FROM JUNE 19 TO JUNE 25, 1924_________
GOVERNMENT SECURITIES
Purchases
Boston
New York
Philadelphia
Cleveland
Issue
Atlanta
Issue
$959, 500 Part*System Inv.T/N
$ 453, 500 Part.System I n v .C /l
1*154,100 Part.System Inv.T/N
1,460,500 Part.System I n v .c /l
0
229,000 Part,System Inv.T/N
229,000 Part.System I n v .c /l
0
1,115,900 Part,System Inv.T/N
3, 000 TM-1925 C tfs.
525, 500 Part.System I n v ,c /l
500 F irs t L. L* Bond
31.118.900
Richmond
Sales
Held
Under Sales
Contracts
76, 500 Part*System Inv.T/N
•683,100 liisc* G ov't Sec*
$526,000
76, 500 Part.System I n v .C /l
468, 350 Misc. GovH Sec.
Chicago
1, 721, 400 Part*System Inv.T/N
878.000 Part.System I n v .c /l
St, Louis
225,400 Part,System Inv.T/N
5, 000. 000Spec* 2% C/l
141.000 Part*System I n v .C /l
5. 000. 000 Spec- 2% C /l
$5, 225, 400
Minneapol is
515, 500 Part*System Inv.T/N
1.277, 600 Misc* GovH Sec.
$1,793.100
Kansas C ity
657,700 Part.System Inv.T^J
13. 500 Third L. L» Bonds
$11,650
05,141, 000
262, 500 Part*System I n v .C /l
1.127, 400 Misc, GovH Sec*
750,000
$1, 389, 900
236, 000 Part.System I n v ,C /l 2,000,000
$671,200
Dallas
565f 900 Part.System Inv.T/N
300, 500 Part.System I n v .C /l
lOOjOOO B-1926 Notes
$400. 500
San F rancisco 1,251,100 Part.System Inv.T^J
T ota ls
$15,449,200
492.000 Part.System I n v .C /l _______0...
$11,751, 250
$2, 761, 650
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority4^ ,D . / £ ) S O f
*•
9
*»
BANKERS ACCEPTANCES
Maturity
Boston
Ne^ York
In other
d i s t r ic t s
1-30 days
31-60
"
61-90
"
Over 90
n
PURCHASES
Amount
Rate
Cleveland
1-30 days
In other
d is tr ic ts
Held Under
Sales Contract:
$30,000 2 l/Z% - 2 3 /4 / $1,190,000
19.000
97.000
174,000
30.000
2
2
2
2
l/Z% l/2 /l/Z% 5 /8 / -
&320.000
Philadelphia
MATURITIES
Amount
2
2
2
2
5 /8 / 3,353,000
(25,000 fo r 3 /4 / 2, 506,000 Special
eign trade
3/4fo
sale to
b ills )
3 / 4 / ___________ Dallas from
portfolio
55. 859,000
$1,109, 000
$110,000 2 l/2%
34, 000 2 l / 2 / - 2 3/4fo
1, 257,000
0
Richmond
0
-
200,000
0
Atlanta
0
-
701,000
(861,000 Un in
dorsed b i l l s
purchased fro:::
accepting bks,J
Ch icago
In other
d is t r ic t s
St* Louis
Minneapolis
Kansas C ity
Dallas
101,000 2 1 /2 5 5 - 2 3 /4 /
0
-
1,933,000
352,000
In other
d is tr ic ts
16.000 2 l / 2 / - 2 3/4$
415,000
In other
d is tr ic ts
25.000 2 l/Z% - 2 3/4$
358,000
26.000 3 /
947,000
1-30 days
In other
d is t r ic t s
Spec. Purch*
fromN#Y.
p o r t fo lio
68.000 2 l / 2 / - 2 3/4$
2, 506.000
$2.600.000
San Francisco
1-30 days
61-90
”
In other
d is t r i c t s
20, 000 2 1 /2 # - 2 5 /8 /
70.000 2 l/2 /o - 2 5 / 8 /
38.000 2 l/2% - 2 3/4$
1, 094, 000
83,000
& 1S.415.000
0969,000
$128.000
TOT AL S
S3. 364. OOP
DECJCTSSIFIEd
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authorityifc ,D . /£ ) £ 0 1
333 /
Executive Folder
June 2 5 , 1924
Dear Mr* Matteson:
R eceipt i s acknowledged o f your l e t t e r or
the 24th in s ta n t, e n clo sin g report o f tra n sa ction s in
Government s e c u r it ie s nnd bankers acceptances as re~
ported t o th e Open Market Investment Committee f o r the
Federal Reserve System f o r the period fron June 12th
to June 13th, 1924, in c lu s iv e , tog eth er w ith data re
ceiv ed by t h e . Committee fr o n th e Federal reserve banks•
Very tr u ly you rs,
*
&J
Walter L* Eddy*
Secretary
Mr* W* B* -'a tte so n , S ecreta ry,
Open Market Investment Coiamittee,
c / o Federal Reserve Bank,
Near York, H. Y.
H,aa-
r
*—
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
F ed eral
o f
R e se rv e
Ne w
Y
Bank
o r k
Open Market Investment Committee
fo r the Federal Reserve System
CONFIDENTIAL
June 24, 1924
S i r :
Enclosed i s a report o f tran saction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the period from June 12 to June 18, 1924 in clu
s iv e , tog eth er with data received by the Committee from the
Federal reserve banks*
R e sp e ctfu lly ,
Secretary o f the Committee
Honorable D. R. C r is s in g e r ,
G overnor, F ederal Reserve Board,
Washington, D. C.
E nclosure
;Q , /
C)SO /
Reproduced from the Unclassified / Declassified Holdings of the National Archives
C ONF I DE NT I A L
REPORT OF OPEN MARKET INVESTMENT COMMITTEE
WEEK ENDED JUNE 18, 1924
CONTENTS
FEDERAL RESERVE BANK STATISTICS
Comparison o f Holdings - Earning A ssets - - Changes In H oldings- Government S e cu ritie s
Bankers Acceptances
- - <
CURRENT CONDITIONS
Secu rity Market - - - - - - - - - - - - - - Bankers Acceptances - - - - - - - - - - - - Money Market
- - - - - - - - - - - - - - - -
OPERATIONS FOR TREASURY----------- -------------------- ----------
SYSTEM*S SPECIAL INVESTMENT ACCOUNT ----------------------
TRANSACTIONS AFFECTING INVESTMENT ACCOUNT ALL BANKS
Government S e cu ritie s - - - ------Bankers Acceptances - - -
- -
- -
- -
- -
- -
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
-
;Q . / C ) S O I
1 -
COMPARISON OF HOLDINGS OF EARNING ASSETS BY FEDERAL RESERVE BANKS
__ ______________ FROM JANUARY 30 TO JUNE 18, 1924__________ ________
(000 Omitted)
BANKERS ACCEPTANCES
♦GOVERNMENT
TOTAL
BILLS
earning
-1924Jan* 30
Feb. 27
Mar. 26
Apr. 30
May 28
June 4
« 11
* 18
ASSETS
SECURITIES
0914, 881
950, 801
942, 080
873, 381
850,193
856,243
844, 579
835,905
$120,772
155,801
257, 256
301,660
333,282
397, 890
422,
425, 902
Purchases
$235,930
205, 022
164,947
102,800
49, 869
43, 420
42,791
56,116
Contracts
DISCOUNTED
$35, 862
58, 288
37, 511
21, 685
36, 891
12, 212
1, 590
1, 206
$522, 307
531, 690
482, 315
447,185
429, 600
401, 420
375,992
351, 380
*ln elu des sales con tra cts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
___________________DURING WEEK ENDING JUNE 18. 1924_____________,________
(000 Omitted)
GOVERNMENT SECURITIES
Balance
Net
Balance
June 18
June 11
Change
Boston
New York
P hiladelphia
Cleveland
Richmond
A tlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
T ota ls
BANKERS ACCEPTANCES
Net
Balance
Balance
Change
June 18
June 11
$ 32, 221
136, 544
28,931
39, 981
5,125
194
60, 066
8,004
23,590
26, 578
20,443
42, 883
$ 35,001
102, 442
37, 486
50,364
5,125
131
67, 047
6,966
23,955
23, 819
25,077
43, 296
$2, 78034,102+
8, 55510, 3830
63+
6, 981l,03d+
3652, 759+
4, 634413-
| 2,977
18, 247
3,484
5,638
969
2,078
5, 590
1,196
1, 586
2, 369
6,726
5. 256
0 3,754
8,122
4,128
5,814
1,106
2,449
6, 800
1,743
1,305
1,240
2,009
4, 321
§
$424* 560
$420. 709
S3. 853*
$56* 116
$42. 791
$13.325+
77710,125+
6441761373711, 210547281+
1,129+
4, 717+
935+
COMMENT ON CHANGES FOR WEEK ENDED JUNE 18
A further d e clin e in t o t a l earning a ssets fo r the System o f $8,674,000
brought t o t a l to low est point since May 21* In crease in h old in gs o f Government sec u r it ie s and b i l l s purchased ou trigh t o f $2, 997,000 and $13, 325,000 re sp e ctiv e ly
were not s u ffic ie n t to o f f s e t a fu rth er lo s s t h is week o f $24,612,000 in red is
counts and advances.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority4^ ; Q . / £ ) S Q f
2 •*
SECURITY MARKET
General
Bond
Market
With continued ease in money con d ition s and the further accurau*'
la t io n o f investment funds the broad advance in a l l cla sses o f bonds which
began during the previous week was continued in t h is p e rio d .
Transactions
t o t a le d §119,000,000, the la rg e s t sin g le week’ s trading t h is year and ap
proxim ately $25,000,000 greater than the y e a r’ s previous high in the week
ended January 12, 1924.
In the r a ilr o a d and high grade in d u stria l groups
many iss u e s, e s p e c ia lly the low p rice d r a i l s , were in strong demand and
se v e ra l esta b lish e d new high p r ic e s fo r the y e a r.
During the la s t two
days o f the p e rio d , however, the volume o f tradin g was diminished and
p r ie e s fr a c t io n a lly low er.
The d a ily average p r ic e o f fo r ty domestic
bonds, which had made a steady advance to a new high point fo r the year on
June 16 at 80.60, showed the f i r s t d eclin e sin ce June 2 and clo s e d the
p e rio d s lig h t ly lower at 80*38,
The fo re ig n exchange market was q u ie t .
sm all volume and ra te changes lim it e d .
Transactions were in
At the clo s e on Wednesday French
francs at .0537 and B elgian exchange at .0467 were p r a c t ic a lly unchanged
from the previous p e rio d .
With in creased commercial demand s t e r lin g was
stron ger and on Thursday, June 20, made an overnight advance o f over two
cents t o $4.34, the highest p r ic e sin ce May 27.
With the growing demand fo r investments extending beyond the
dom estic issu es there was improved demand t h is week fo r bonds o f foreig n
governments*
T ransactions fo r the week at $16,000,000 were approximately
$6,000,000 la rg e r than in any other week t h is y e a r.
Average p r ic e s on ten
iss u e s advanced during the week from 98,72 t o 99.87 on Monday, June 16,
a new high p rice fo r the y e a r.
P rie e s were s lig h t ly lower at the clo s e
on Wednesday,
New bond o ffe r in g s fo r th e week ended June 20 t o ta le d $92,000,000
against $94, 000,000 in the previous week.
This i s the f i f t h consecutive
from the Unclassified / Declassified Holdings of the National Archives
Authority~-£ ;Q.
/ £)
- 3 -
week in which new o ffe r in g s to ta le d in excess o f $90,000,000-
Thd
large-st sin g le o ffe r in g was an issue o f $35,000,000 4 3/4$ Federal
Land Bank farm loan bonds, maturing s e r ia lly from 1934-54, p riced t o
y ie ld 4.62 to 4*75$.
In the ra ilro a d group the p rin cip a l o ffe r in g
was an issue o f $10,000,000 Chicago, Rock Island and P a c ific 5$ notes,
due 1929, t o y ie ld 5.20$.
In add ition t o the p u b lic o ffe r in g s as
l is t e d above several issues were o ffe re d p riv a te ly and were reported
t o have been immediately oversubscribed.
P rin cip a l among these was
$18,000,000 Chesapeake and Ohio 5$ equipment bonds o f 1925-29 offe re d
at par.
L ib erty
Bond
Market
Continued a c t iv it y in L ib erty Loan bonds during the ea rly
part o f the period sent p rice s on a l l the 4 l / 4 $ issues t o t h e ir
high est poin t,
fo r a l l time on Saturday, June 14.
The F irs t 3 l / 2 s
advanced to 101.28, t h e ir highest point fo r the year*
With a
somewhat slackened demand, probably in cid en t t o the s h iftin g of
funds fo r the ta x period p r ic e s reacted and were low er at the c lo s e .
The follow in g ta b le with clo s in g p rice s on Wednesday show d e clin es
from the high fo r the period, although su bstan tial gains have been
made over c lo s in g p r ic e s o f the previous week:
S ecu rity
F ir s t
ii
Second
Third
Fourth
Treasury
3
-4
4
4
4
4
1 /2 s
l/4 s
l/4 s
l/4 s
l/4 s
l /4 s
Close
June 11
Close
June 18
High fo r
Period
100.13
101.21
101.2
101.20
101.24
103.21
101.5
102.
101.6
101.31
102.4
104.28
* 101.28
**102.11
**101.17
**102.8
**102.16
**105.18
*High 1924
**Hijgh fo r a l l time
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority;Q . / C ) S O f
• 4 •
New York
A c tiv ity in the market fo r short Governments th is week was
Market fo r
Short-term la rg e ly confined to the s h iftin g o f block s o f c e r t if i c a t e s and notes
Governments
from one m aturity to another, or exchanging th is cla ss o f s e c u r itie s
fo r the longer termed L ib erty bonds with a la rger y i e l d .
good demand fo r the new issu e o f 2 3/4/£ c e r t i f i c a t e s .
There was a
Notes maturing in
1926 and 1927 were strong and advanced from 7/32 t o 11/32 during the
week.
The fo llo w in g ta b le comparing y ie ld s o f various m a tu rities, at
present o ffe r in g p r ic e s , w ith those a week ago, show l i t t l e cfcg.nge except
in notes maturing in over three y ea rs:
U.S. C tfs . o f Ind. maturing 4 t o 6 months
n “
"
”
"
"
10 " 12
"
" " Treasury Notes
'*
1 " 2 years
over
3
"
June 19
2,40
2.72
3.24
3.58
June 12
2.38
2.75
3.23
3,70
BANKERS ACCEPTANCES
Rates
In New York d ealers reduced t h e ir b id ra tes to 2 3/Sjt fo r 30s
and 60s and 2 3/6$ t o 2 \/<$* fo r 90s, and o ffe r in g 30s at 2^ to 2 1/4$,
60s at 2 1/4$ and 90s at 2 l/4/£ t o 2 3/8§4*
Sim ilar ra te s held in the
P h iladelphia and Chicago markets, w hile Boston re p o rts dealers bidding
Z X/'tfl* and o ffe r in g at 2 l/4/£ fo r a l l m a tu ritie s.
$
Abstract
o f Reports
from Banks
Boston rep orts that with continued easy money banks are r e ta in in g th e ir own acceptances in p o r t f o l io s .
A ccordingly the supply has
been small with no new b i l l s coming on the market*
A strong demand during
the week fo r a l l m atu rities slackened somewhat toward the close o f the
period*
In New York the b i l l market was a ctiv e throughout the week with
a very su b sta n tia l increase in both the supply and demand.
The supply,
however, exceeded the demand and dealers* aggregate p o r t fo l io s increased
by about $10,000,000.
Dealers purchases and sa les were the la rg e st they
have been fo r any one week sin ce the e a rly part o f 1921.
rep orts a qu iet b i l l market.
and supply only f a i r .
P hiladelphia
Trading has been in a ctiv e and both demand
In Chicago the supply o f b i l l s has been moderate
w hile demand was a c t iv e .
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority^- O. l
C)SO f
- 5 MONEY MARKET
Stock exchange c a l l money continued unchanged throughout the
week at the 2% le v e l which has ruled since June 9 on both renewals
and new loans*
Average d a ily turnover o f about $16,000,000 was la rg e r
than during the previous week.
Demand, however, was not s u f f ic ie n t
t o take care o f the la r g e r o ffe r in g s and on Thursday, June 13, approx
imately $21,000,000 remained unloaned*
C all loans against acceptances
which had gone to a record low at 1 l / 2 f were advanced t o 1 3/4$*
There was l i t t l e demand f o r time money and trading continued
moderate*
ra te s.
Large o ffe r in g s of funds resu lted in fu rth er ease in a ll
On Friday, June 20, record lows since 1917 were establish ed
an o ffe r in g s o f money up to 90 days at 3% and loans f o r s ix months
at 3 l/2^£.
Commercial paper d ealers report a continued a ctiv e demand
fo r paper in New York as w ell as through the country g e n e ra lly .
TOiile
the d e clin e in rates has resulted in a s lig h t increase in the demand
fo r money, the supply o f paper continues lim ited*
Rates were low er,
the bulk o f prime names now moving at 3 l/2% t o 3 3 /4 %
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
At the request o f the Treasury the Federal Reserve Bank o f
New York e ffe c t e d a private sa le o f $5,000,000 Fourth L ib erty Loan
4 l / 4 % bonds and purchased in replacement a l i k o amount o f % ir d
L ib erty Loan
M iscellaneous
4 l /4 ^ bonds.
At the request o f the Treasury the Federal Reserve Bank o f
New York purchased $848,000 Treasury bonds o f 1947-52 fo r account of
the Government L ife Insurance Fund and $654,500 Tlyfr*1925 c e r t i f i c a t e s
o f indebtedness fo r account o f the C iv il Service Retirement and Dis
a b i l i t y Fund.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
;Q. / C)SO I
•* 6 —
SYSTEM*S SPECIAL INVESTMENT ACCOUNT
Prelim inary estim ates o f the re s u lts o f Treasury operations in d icated
that on June 16 there might be expected an excess o f Government disbursements
over re c e ip ts amounting to approximately $100,000,000.
In accordance With the
plan o f dealing with money con d ition s over the tax p eriod through the temporary
sale o f Government s e c u r it ie s , as arranged fo r at the la s t meeting o f the Open
Market Investment Committee, the Committee so ld on June 16 at par f l a t an aggre
gate o f $103,000,000 o f System holdings; $73,000,000 to member banks in New York
and $30,000,000 to member banks in the Chicago d i s t r i c t .
These s e c u r it ie s were
sold su b ject t o repurchase at par plus in te r e s t at 2$ per annum fo r the number o f
days held.
On June 17 the Committee repurchased §46,000,000 o f the s e c u r it ie s sold
on the preceding day and the balance o f $57,000,000 on June 18.
The repurchase
was thus simultaneous with the retirem ent o f the Treasury s p e cia l c e r t i f i c a t e .
The Federal Reserve Bank o f Dallas advised that as th e ir holdings o f
bankers acceptances and discounts were not s u ffic ie n t to provide c o lla t e r a l against
outstanding Federal reserve notes they wished to exchange $5,521,000 o f th e ir own
holdings o f short-term Government s e c u r it ie s fo r bankers acceptances.
The New York
bank’ s holdings in the S p e cia l Investment Account were increased by t h is amount, in
lie u o f which New York s o ld D allas from i t s p o r t fo lio a lik e amount o f b i l l s *
The
Dallas bank a lso advised on June 18 that they wished to s e l l a part o f th e ir p a r t i
cip a tion in the Special Investment Account amounting to $4,608,700 and $100,000
s e rie s B-1926 Treasury N otes, representing th e ir ou trig h t holdings.
This t o t a l o f
$ 4 ,708.l-000 s e c u r it ie s was a ccord in gly apportioned to the other p a r tic ip a tin g banks
on. June 19 •
Apportionment o f United States Government s e c u r it ie s held in the S p ecia l
Investment Account fo r the Federal Reserve System, at the clo s e o f business June 18,
amounted to $359,414,100 as fo llo w s ;
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority4^ , 0 . / C ) S O f
Boston
New York
P hiladelphia
Cleveland
Richmond
Atlanta
Chicago
S t. Louis
Minneapolis
Kansas City
Dallas
San Francisco
T otal
C ert, o f Ind*
Treasury Notes
$ 7,745,000
34,042,500
4,667,000
8,977,000
1,061,000
0
14,686,000
1,701,500
4,021,500
4,418,000
4,966,000
8.853.000
$ 20,916,200
101,298,700
6,674,600
24,291,200
2,723,200
0
39,122,200
6,303,200
12,071,000
12,443,900
13*597,300
24,834,100
$ 28,661,200
135,341,200
11,341,600
33,268,200
3,784,200
0
53,808,200
8,004,700
16,092,500
16,861,900
18,563,300
33.687.100
$95 ,138.500
$264.275,600
$359,414,100
RECAPITULATION OF PURCHASES
Made By
Amount
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Dallas
San Francisco
To ta l
$
8,748,500
333,277,800
2,029,500
340,000
600,000
1,241,400
7,150,000
936,900
113,000
548,000
4.429.000
$359.414.100
RECAPITULATION OF PURCHASES BY MATURITIES
Sept,
Dec.
March
June
Dec,
March
Sept*
March
Dec.
15,
15,
15,
15,
15,
15,
15,
15,
15,
1924
1924
1925
1925
1925
1926
1926
1927
1927
$ 37,760,500
86,974,000
91,165,000
25,032,700
27,438,000
31,540,600
8,560,000
36,112,000
14.831,300
£359.414.100
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority 4^ ; 0 . ( £ ) S C ) I
-
8
-
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
ALL FEDERAL RESERVE BANKS FROM JUNE 12 TO JUNE 18, 1924______
GOVERNMENT SECURITIES
Purchases
Boston
Issue
Sales
Issue
0 5, 623,0(30 Part.System I n v .c /l $
655,000* ParUSystem I n v .c /l
«t
«
» t/ n
600,000
"
"
" T/N
2, 725,000*
1,100,000 TD2-1924 Ctfs*
2,832,500 System Redempt* c / l
..
2,790,500
"
C /l
it 1 0 0 ,ooo Own
$7. 323,OOP
Mew York
25,101,000 Part. System Inv, c / l
27,102. 400
"
"
M TA
352, 203, 400
Philadelphia 4,555,000 Part.System I n v .c /l
180, 000 TD2-1924 Ctfs*
54, 735. OOP
Cleveland
6, 505, 500 Part.System I n v .c /l
700, 000
"
”
” T/N
80,000 B -1924 Treas. Notes
5,000 TM-1924 C tfs,
M , 290, 50Q
Richmond
341,500 Part.System I n v .C /l
Held
Under
Sales
Contracts
sfl2,150
$10,103,000
9,118, 000
8.984, 200
System Redempt* c / l
it
.»
0
$18,102,200
1,692,500* ParUSystem I n v .c /l
«
*'
w t/ n
7,039,500*
System
Redempt*
c /l
2.263.000
T/N
2.292.000
3. 500 TD2-1924 C tfs ,
$13. 290. 500
3,103,500* Part*System I n v « c /l
«i
«
« y/ n
746,000*
System
Redempt.
C/l
3,276,000
«
"
t
/n
3,229,500
C /l
944, 000 Own Redempt*
"
»»
t/ n
6. 374, 500
$17,673,500
253,000
88, 500
System Redempt* G/l
ti
»»
t/N
0
Misc* G ov't Sac,
0
1341, 500
Atlanta
497,350 Misc. Gov’ t Sec,
Ch icago
10,852,000 P art. System I n v .C /l
«
ii
n t/ n
1, 000, 000
433,600
1,547, 000* Part.System In v*C /l
n
«
« t/ n
6,434, 000*
System
Redempt*
G /l
5,467,000
•
*
i*
?/$
5. 385.000
6,800
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
. Q. /
C)SO f
~ 9 'GQVERNMENT SECURITIES - (Continued)
Purchase??
"St*. Louis $
I r que
Sales
702,500 ParlSystem I n v .C /l $
»
85 6. 900
2,151,000 Part.System Iny.C/X
300,000
«
" T/ft
1,637,250 M isc. Gov*t Sec.
S4.453.400
2,704,000 Part.System I n v .C /l
1,332,700
”
"
" T/W
600.000 B*1927 Treas.Notes
200.000 Third L. L. Bonds
45,836.700
158.200
573,500
1,298,000 System Redempt.C/I
1,206,000
w
M T/&
532,000 Own Redempt.C/l
41.700
"
"
T/ti
13^077^700
3,573,500 Part.System Xnv.C/I
4,584,700
"
*
" ’S/ll
Dallas
750,000
5 4 ,500*Part.System I n v .C /l
£27,000
"
" T/N
1,123,500 System Redempt. C /I
1,027,500
*
"
?/$
2.020.900 M isc. Gov’ t Sec.
14.^88 , 250
Kansas City
265,500 System Redempt %C /I
255.000
"
"
t/ tl
520.500
1*559*400
Minneapolis
Hald
Under
Sales
Contracts
1,368,500 System Redempt. C /I
1,295,000
11
»
T/N
4.608.000 Sale Part P a rticip a
t io n System Inv.A cct,
445,000 Own Redempt. C /I
2.605.000 "
' T/N
2-471.000 Own Holdings Sold to
System
&12.792.500
0
San F ranci»co6,094,500 Part.System I n v .C /l
255,000*Part.System Xnv.C/X
900,000
w
«
" T/N 1,059,700* M
w
" T/&
4,525,000 TD*1924 C tfs .
3,069,500 System Redempt. C/ I
1,000
Mi8c . G ov't Sec. 3,025,000
•
"
T/N
4.525.000 Own Redempt. C /I
t o U £ B*S99.
411.934.200
$115,405,800
$111,555,600
^Readjustment o f System holdings to conform with new ra + ie ».
^1,342,450
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
-
10
,0. / £ )S O I
-
BANKERS ACCEPTANCES
Maturity
Rate
In other
d i s t r ic t s
$278,000
3 1/8%
1-30 days
31-60
"
„ 61-90
”
Over 90
”
$ 6/020,000
6,405, 000
763,000
733, 000
2 1/ 2%
2 1/ 2%
Boston
Neiv York
PURCHASES
Amount
2 1/ 2%
2 5/8%
3
3
3
3
1/8%
l/8%
l/8%
1/8%
MATURITIES
Amount
Held Under
Sales Contracts
01,055, 000
0
3, 796, 000
013,921.000
Ph i l ad e l ph ia
1- 30 day s
61-90
M
140.000
200.000
(125,000 one
day holdover
fo r d is t r i
bution to
F„ R. Banks)
(42,000 fo r
eign trad©
b ills )
3%
2 5/8%
984, 000
3 l/8%
1,161,000
0
137, 000
0
371,000
(914,000 Un in
dorsed b i l l s
purchased from
accepting b k s j
$340,000
Cleveland
In other
d is tr ic ts
Richmond
985,000
0
Atlanta
Chicago
In other
d is tr ic ts
S t, Louis
Minneapolis
Kansas C ity
Dallas
962.000
3 1/8%
0
2,172,000
547.000
In other
d i s t r ic t s
658.000
3 1/8%
377.000
In other
d is t r i c t s
1,357,000
3 1/8%
228.000
17,000 3%
, 5, 258.000 3 1/8%
558,000
1-30 days
In other
d is tr ic ts
275. 000
San Francisco
1-30 days
31-60
”
In other
d is tr ic ts
64,000
69, 000
2, 018, 000
2 l/2% - 4 3/8%
2 1/2% - 4 3/8%
3 1/8%
1,216,000
125,000
$2.151,000
TOTALS
$25.927.000
3EBR«SHEC*52!5> ^ 2553iS
$12. 602. OOP
m m sa a m a K m n sfissa m
$1,206. 000
sm d B m s& h m a m m
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority;Q , / Q S O I
/
June 17, 1624.
Executive Folder
Dear Mr* Matteson:
I
acknowledge r e c e ip t o f your l e t t e r o f
the 16th in s ta n t, e n clo sin g re p o rt o f transac
tio n s in Government s e c u r it ie s and bankers ac
ceptances as reported t o the Open Market Invest
ment Committee fo r the Federal Reserve System
f o r the period from June 5 t o June 11, 1924,
in c lu s iv e , togeth er with date received by the
Committee from the Federal reserve banks.
Very tr u ly y ou rs,
(Burned) Walter L. Eddy
Walter L. Eddy,
S ecretary,
Mr. W. B* Matteson, S ecretary,
Open Market Investment Committee,
c / o Federal Reserve Bank,
Hew York, H#Y,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
F ed eral
o f
R e s e rv e
Ne
w
Y
Bank
o r k
Open Market Investment Committee
fo r the Federal Reserve System
June 16, 1924
CONFIDENTIAL
S i r :
Enclosed i s a rep ort o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the period from June 5 to June 11, 1924 in c lu
s iv e , tog eth er with data received by the Committee from
the Federal reserve banks.
rfu lly ,
r. B. Matte son
Secretary o f the Committee
Honorable D. R. C r is s in g e r ,
G overnor, F ederal Reserve Board,
Washington, D. C.
E n closure
-0 . / £ ) S 0 I
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
£ & 1 1 £ I £ 2 i A !i
REPORT OF OPEN MARKET INVESTMENT COMMITTEE
WEEK ENDED JUNE 1 1 , 1924
m m k U RESERVE BANK STATISTICS
£ s «£
Comparison o f H oldings • $aruing Assets ' - ' ■
1
Changes in H oldings - Government S e cu ritie s - -
-1
Bankers Acceptances
• » -
1
CURRENT CONDITIONS
S ecu rity Market
2
Bankers Acceptances -
4
Money Market- -
5
OPERATIONS EOR TREASURY
.................................. ................ ......... 5
SYSTEMS SPBCI U» INVESTMENT A C C O U N T........................................6
TRANSACTIONS ATOCTINO INVESTMENT ACCOUNT ALL BANKS
Government S e c u r itie s
7
Bankers Acceptances
7
;Q .
IC)SO I
Reproduced from the Unclassified
I Declassified Holdings of the National Archives
Authority
-
;Q, / C)SO f
1 -
COMPARISON OF HOLDINGS OF ’ EARNING ASSETS BY SEDERAL RESERVE BANKS
_____________
BROM JANUARY 30 TO JUNE II . 1924_____________ ____
(000 Omitted)
TOTAL
EARNING
ASSETS
-1924Jan - 30
Feb • 27
Mar ►36
Apr - 30
May 28
June 4
n
11
*GOVERNMENT
SECURITIES
0914 ,881
950 ,801
942 ,080
873,381
850 ,193
856 ,243
844 ,579
BANKERS ACCEPTANCES
Sales
Contracts
Purchases
$120,772
155 ,801
257,256
301 ,660
333 ,282
397,890
422,905
$235,930
205,022
164,947
102 ,800
49 ,869
43 ,420
42 ,791
$35 ,862
58 ,288
3% 511
21,685
36,891
12 ,212
1,590
BILLS
DISCOUNTED
$522,307
531 ,690
482 ,315
447,185
429 ,600
401 ,420
375,992
*Includes sa les con tra cts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
____ ______________ DURING WEEK ENDING JUNE 11. 1924___________________
(000 Omitted)
GOVERNMENT SECURITIES
Balance
Net
Balance
June 11
June 4
Change
Boston
$ 35,001
Mew York
102 ,442
Philadelphia
37,486
Cleveland
50,364
Richmond
5 ,125
Atlanta
131
Chicago
67 ,047
S t . Louis
6 ,966
Minneapolis
23 ,9.55
Kansa* City
23 ,819
25 ,077
Dal 1 as
San Francisco 43 ,296
T otals I 420,709
0
BANKERS ACCEPTANCES
Net
Balance
Balance
Change
J m .,i
iurig,.JUL
32,807
95 ,381
35 ,361
46 ,829
5,125
97
62 ,820
6 ,966
22 ,152
22 ,922
24 ,392
, 40. *9
§ 2 ,194+
7 ,061+
2 ,125+
3 ,535+
-0 34+
4,227+
-0 1,803+
897+
685+
2 ,379 +
$ 3,754
8,122
4,128
5,814
1 ,106
2,449
6 ,800
1,743
1,305
1 ,240
2 ,009
-1*321
4*211
$39019328+
435+
19 Ou
457391+
457139139 +
100+
W At
$395 ,769
$24 ,940+
$ 42 ,791
$ 43,420
$629-
$
4,144
8 ,315
4,100
5,379
1,296
2,906
6,409
2,200
1,444
1 ,101
1,909
COMMENT ON CHANGES ?0R WEEK ENDED JUNE 11
Total earning a ssets d eclin ed $11,664,000, brin gin g t o t a l to lowest
point sin ce rep ortin g date o f May 21 ♦ R e fle ctin g further ease in money condi
t io n s , b i l l s held under sa les con tra cts tvere reduced $1 0 , 622,000 to th e ir low
est p o in t -fo r the y e a r, while holdings o f b i l l s ou trigh t declined j|629,000. A
further lo s s in red iscou n ts and advances o f $25,428,000 was o f f s e t by advance
o f $25,015,000 in Government s e c u r it ie s purchased during the week for the
System Investment \ccount fo r apportionment to a l l Federal reserve banks*
Reproduced from the Unclassified
m tp M tP tm
I Declassified Holdings of the National Archives
Authority
.Q . I C )S O I
»* 2 <«■
SECURITY MARKET
General
Bond
Market
Broad buying movements in a l l cla ss e s of bonds resulted in
an exceedin gly a ctiv e market in which tra n sa ction s fo r the
period
to ta le d $92,500,000, the la r g e s t amount sin ce the week ended January
12, 1924*
On Wednesday, clo s in g day o f the period, turnover was ap
proxim ately $23,000,000, the la rg e s t sin gle d ay's tradin g since
December 14, 1922 and n ea rly $ 1 0,000t 000 above the high est figu re fo r
1923.
Averages on fo r ty domestic bonds advanced during the week from
78.76 t o 79.43, the highest p oin t to date f o r the year, and nearly
three p oin ts h igh er than on January 2.
With strong demand and la rg e
turnover high grade ra ilro a d bonds continued t h e ir steady advance.
A c tiv ity in ra ilro a d s o f a sp ecu la tive nature was more pronounced and
sharp p r ic e advances re su lte d .
There was a strong demand fo r indus
t r i a l bonds as w ell as fo r high grade u t i l i t y and municipal issu es.
Accompanying rep orts o f the settlem ent o f the French p re s i
den tia l controversy francs r a llie d and recovered recent lo s s e s .
The
rate advanced at the clo s e o f the period t o .0544, the highest since
May 26.
There was a g e n e ra lly h igher tendency throughout the ex
change market and Belgian francs at .0469 and other Continental ex
changes were h ig h e r.
S te rlin g tra n sa ction s were in small volume and
the rate held f a i r l y steady at about $4.31.
eign governments was
Trading in bonds of fo r
a ctiv e and average p r ic e s on 10 issu es advanced
during the week from 98.42 to 98.72 which equalled the y ea r’ s p revi
ous high.
New bond o ffe r in g s fo r the week -wided June 13, to ta le d ap
proxim ately $94,000,000, as compared with $120,000,000 fo r the p rev i
ous week.
Total o f new o ffe r in g s was divided p r in c ip a lly between the
p u b lic u t i l i t y , ra ilro a d , and sta te and municipal groups.
The la r g e s t
sin gle o ffe r in g con sisted o f $26,000,000 New York, Chicago and
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority4^ ; Q . / C ) S O f
3 •*
St* Louis 5 l /2 $ csrtgage bonds, due 1974, p riced to y ie ld 5,84*
Financing in the foreig n group con sisted o f an o ffe r in g o f $10,000,000
5 l / 4 $ Government o f the Argentine one-year Treasury Notes t o y ie ld 5$.
A ll of the new issues were reported to have been qu ick ly absorbed*
L ib erty
Bond
Market
D eclinin g rates in v ir t u a lly a l l cla sse s of money added
fu rth er impetus t o the buying o f L ib erty bonds which ca rried every
issue to new high le v e ls *
Sales fo r the week to ta le d $28,000,000, the
la r g e s t volume o f tra n sa ction s in any one week th is year.
According
to several dealers in Government s e c u r itie s demand was w ell d is t r i
buted
coming from a ll se ctio n s o f the country and e s p e c ia lly from
la rge Investors and fin a n c ia l in s titu tio n s*
Advances during the week
of from 11/32 to 1 and 3/32 are shown in the follow in g t a b le :
High fo r
Period
Secu rity
F irs t
n
3
4
Second 4
Third
4
Fourth 4
Treasury 4
l/2 s
l/4 s
l/4 s
l/4 s
l/4 s
l/4 s
Net
Gain
Close
June 4
100*4
100.24
100.19
101.4
100. 31
102*17
**100.15
**101.22
*101.4
*101.21
*101.27
*103*25
+
+
+
+
+
+
11/32
30/32
17/32
17/32
28/32
1 -8 /3 2
*High f o r a ll time
**High fo r year
Other banks report sim ila r con d ition s in t h e ir d is t r ic t s ,
increasing ease in money re su ltin g in unusual a c t iv it y and sharp p rice
advances in a l l Government issues*
In St. Louis, however, dealers re
port an in a ctiv e market although demand exceeds supply*
In Dallas
the market was quiet*
New York
The outstanding development t h is week in the market fo r
Market fo r
Short-term short-term Governments was the Treasury o ffe r in g o f $150,000, 000 s ix
Governments
months* c e r t i f i c a t e s at the new low in te re s t rate o f 2 3 /4 $ . Smallness
o f the o ffe r in g resu lted in a heavy oversu bscrip tion and there was
a ls o a la rg e demand throughout the *eek fo r a l l outstanding issu es and
p r ic e s advanced from 3/32 t o 2 l/3 2 *
Demand was e s p e c ia lly strong,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
;Q. 10 5 0 I
Authority
-
4
-
with subsequent advance in p r ic e s , for Treasury Notes maturing in 1925
and 1927, as w ell as fo r the outstanding issu e o f 4$ c e r t i f i c a t e s matur
ing March 15, 1925.
The follow in g ta b le compares y ie ld s o f various
m a tu ritie s, at present o ffe r in g p r ic e s , with those a week ago:
June 12
U . S . Ctfq, o f
U. S . C t f ^ o f
U . S . T rea s.
U . S . T reas.
In d- maturing 4 to 6 months
Ind - maturing 10 t o 12 months
Notes maturing 1 to 2 years
Notes maturing over 3 years
2 .38
2-75
3 .23
3 .70
June 5
2 .93
3-36
3*65
3.89
BANKERS ACCEPTANCES
iat&s.
Accompanying ea sier trend in a l l cla s s e s o f money, New York
d e a le rs ’ ra tes on bankers acceptances showed almost d a ily v a r ia tio n s .
From the 3$ b id - 2 7/8$ o ffe r e d , esta b lish ed at the c lo s e o f the pre
viou s p eriod , ra tes were gradually reduced and on Wednesday a l l dealers
quoted 2 5/8$ b id - 2 1 /2 $ o ffe r e d , fo r a l l m a tu r itie s .
On Thursday,
June 1 2 , there was a s t i l l further reduction in New York, dealers re
ducing ra tes on 30 and 60 day b i l l s to 2 3/8$ b id - 2 1 /4 $ o ffe r e d .
On 90 day m a tu rities some dealers were quoting the same r a t e , w hile
others were holding these m a tu rities at 2 l/2/= ^id . 2 3/8$ o ffe re d .
In
Boston and P hiladelphia ra tes on a l l m atu rities were quoted 2 7/8$ b id 2 1 /2 $ o ffe r e d .
In Chicago ra tes on 30 day b i l l s were 2 l/2 $ b id • 2 l/4 $
o f f e r e d , and fo r other m a tu rities 2 3/4$ b id - 2 3/8$ o ffe r e d .
~-s.tract.
'f Reports
om Bmks
In BQ.at.on the supply o f b i l l s continued very sm a ll, and 60
and 90 day b i l l s were e s p e c ia lly d i f f i c u l t to o b ta in -
Although demand
7/as reported as only moderate there was l i t t l e tro u b le in moving b i l l s
at p re v a ilin g r a t e s .
In New Yorl<f the market continued a c t iv e ; supply
o f b i l l s remained m oderate.
Lower ra tes did not a ffe c t demand \*hieh
continued g ood , although p r a c t ic a lly confined t o lo c a l banks-
In Phila
delphia the steady d e clin e in ra te s had a m aterial e f f e c t upon the demand
The supply o f b i l l s o ffe r e d remained small as banks are withholding b i l l s
Reproduced from the Unclassified / Declassified Holdings of the National Archives
;Q. IOS
Authority
- 5 f Tomthe market owing to the p re v a ilin g low ra te »
Chicago, rep orts the
supply in the lo c a l market le s s than the demand.
MONEY MARKET
Loans against Stock Exchange c o lla t e r a l , as w ell as business
money , reached new low fig u re s sin ce 1917 .
Opening the p eriod at 3%
c a l l money declin ed to 2 1/2% and on Monday la s t went to 2%>*
The 2% ra te
f o r both renewals and new loans held unchanged during the balance of the
p e r io d .
Renewal at t h is figu re was low est sin ce August 1917*
Lower rates
did not improve demand and d a ily average turnover o f approximately
$12,000,000 was lower than during the previous week.
Loans outside the
exchange were r e p o r t s arranged at 1 3/4$ and in seme cases at 1 1 /2 $ .
Gall loans secured by acceptances were lowered 1% during the period to
1 3/4/C and on Thursday, June 1 2 , to 1 1 /2 $ which i s reported to be the
low est fig u re ever quotedLarge overflow o f funds was r e fle c t e d in time money market and
at the c lo s e o f the p eriod 60 day funds were being placed at 3%, 90 days
at 3 l /4 $ to 3 1/2$ and beyond that at 4 $ .
with small demand for accom odation-
The market was d u ll, however,
The market fo r commercial paper was
a c tiv e although ease in ra te s was not r e fle c t e d in t h is market to *v
marked
a degree as in other m arkets.
There was an ea sier tren d , however,
with the bulk o f prime names now moving at 4 $ .
OPERATIONS TOR ACCOUNT OB1 UNITED STATES TREASURY
At the request o f the Treasury the Federal Reserve Bank of New
York e ffe c t e d a p riv a te purchase o f $6,000,000 Third L ib erty Loan 4 l /4 $
bonds fo r account purchases from Surplus Money in the Treasury.
The New
York bank a lso sold from the investments of the A lien Property Custodian
$16,000,000 TJ-1924 c e r t i f i c a t e s of indebtedness and purchased fo r that
account in replacement a l i k e amount o f 1M-1925 c e r t i f i c a t e s .
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority;Q . / Q ) S O f
- 6 «.
M iscellaneous
At the request o f the Treasury the Federal Reserve Bank
o f New York purchased $433,000 Treasury bonds o f 1947-52 fo r account
o f the Government L ife Insurance Fund, $19, 550 Fourth L ib erty Loan
4 l/4f° bonds fo r account o f the D is tr ic t o f Columbia Teachers*
Retirement Fund, and $22,000 se rie s B-1926 Treasury Notes fo r
account o f the Harding Memorial A ssociation*
SPECIAL INVESTMENT ACCOUNT FOR FEDERAL RESERVE SYSTEM
Apportionment o f United States Government s e c u r it ie s hold
in the Special Investment Account fo r the Federal Reservo System at
the clo s e o f business June 11, amounted to $343,893,300 as fo llo w s;
Cert, o f Ind.
Treasury Notes
Total
$ 5, 609, 500
18,059, 500
4,067, 500
6, 493, 500
972,500
0
10, 848, 000
1,264, 500
3, 048,500
•3, 012, 000
2,761,000
6. 083. 000
$ 25,831,700
83,180, 500
16,006,100
29,924,200
2, 811, 700
0
49, 941, 200
5, 701, 300
13, 025,500
12, 317, 200
14,915,600
28.018.800
$ 31,441,200
101, 240,000
20, 073, 600
36, 417, 700
3, 784, 200
0
60,789,200
6,965, 800
16, 074, 000
15, 329, 200
17, 676, 600
34.101. 800
$62,219. 500
$281, 673.800
$343. 893. 300
Boston
New York
P hiladelphia
Cleveland
Richmond
A tlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
RECAPITULATION OF PURCHASES
Made Bv
Amount
Boston
New York
P h iladelphia
Cleveland
Richmond
Atlanta
Ch icago
St. Louis
Minnsapolis
Dallas
San Francisco
$
8,748, 500
317,757, 000
2,029, 500
340, 000
600, 000
1, 241,400
7,150,000
936,900
113, 000
548, 000
4. 429. 000
RECAPITULATION OF PURCHASES BY MATURIT
June 15-16,
Sept.
15,
Dec.
15,
March
15,
June
15,
Dec.
15,
March
15,
Sept,
15,
March
15,
Dec.
15,
1924
1924
1924
1925
1925
1925
1926
1926
1927
1927
$ 59,912,700
37, 760, 500
23, 755, 500
89,130, 000
24, 852, 700
26, 688, 000
27,040, 600
8,160,000
34,262, 000
12, 331,300
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u t h o r it y ,0.
/ C).SO f
- 7 ITEMZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT
_______OF ALL FEDERAL RESERVE BANKS FROM JUNE 5 TO JUNE I I . 1924
GOVERNMENT SECURITIES
Salas
Issue
Purchases
Boston
$3,527,600 Part.System Inv.T/N
New York
11,367,200
w
:rn i l ad e l ph ia
2,12 5,000
"
Cleveland
4,087,900 Part.System Inv*T/N
1.000.000 Third L.L. bonds
II
II I!
01, 334, 000 Part.System I n v .c /l $12,750
4, 306, 500
565, 500
Minneapol is
” "
0
0
0
”
"
"
o
189, 350 Misc* GovH Sec*
" "
2,508,600 Part.System Inv.T/N
1. 835. 700 Misc. Gov’ t Sec*
$4, 344^ 300
Kansas City
"
0
6,808,200 Part.System Inv*T/N
St. Louis
"
$1,552,,500
222,900 M isc. Gov*t Sec.
Chicago
"
1 ,551,500 Part.System I n v .c /l
1.000 Third L.L* bonds
O
A tlanta
Issue
0
§5. 087. 900
Richmond
Held Under
Sales Contracts
0
2,.581^000 Part.System I n v .c /l 182,800
565, 500
,T
"
n
" "
0
1,754, 500 Part.System I n v .c /l 1,000,000
786» 700 Misc. G ov't Sec*
$2. 541. 200
1,427,600 Part.System Inv.T/N
_____ 6.100 Misc. Gov’ t Sec.
536, 500 Part* System Inv* c/l 3,000,000
331433,700
Dallas
1,106*000 Part.System Inv.T/N
420,500 Part.System I n v . c / l
0
San Francisco 3,826,400 Part.System Inv*T/N
_____ 3.000 M isc. Gov’ t Sec*
1,450,000 Part.System I n v .C /l
0
$3, 829.400
j. ot a ls
$40. 417. 700
M aturity
Boston
!V30 days
31-60
”
61-90
"
In other
d i s t r ic t s
615* 477.050
BANKERS ACCEPTANCES
PURCHASES
Amount
Rate
$ 10,000
60, 000
135, 000
362. 000
{$567* 000
3 l/4%
3 1/4^
3 1/4%
3%
- 3 3/8%
MATURITIES
Amount
$957, 000
$2,195,550
Held Under
Sales Contracts
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority ^
; 0 , / C) ,S O ^
BANKERS ACCEPTANCES - (Continued)
PURCHASES
Amount
Maturity
New York
1-30 days
31- 60
"
61-90
"
Over 90 ”
P hiladelphia
1-30 days
31-60
M
61-90
M
0
2,936,000
30 , 9 0 0 '
142,000
110.000
£
V
3.218.000
663,000
123,000
40.000
Rate
MATURITIES Held Under
Sales Contracts
Amount
(041,000 f o r
eign trade
b ills )
- 3 1 / 8%
- 3 3/8%
- 3 3/B%
£>3,411,000
3%
3%
- 3 1/8%
3 1/8°/
798,000
0
1,380,000
0
190,Q00
0
3/o
3 1/8%
3 1/8%
3 1/8$
£826.000
Cleveland
In ftther d is t s .
Richmond
-
Atlanta
•
1,813,000
3%
0
- 3 3/8%
-
464*000
7,000
(1,161,000 Unindorsed
b i l l s pur
chased
from ac
cepting
banks)
O/o
- 3 3/8%
2,434,000
0
582,000
$
- 3 3/8%
1,039,000
0
Minneapolis In ot'het* d is t s .
558,000
3%
- 3 3/8%
697,000
0
Kansas City In other d is t s .
734,000
3f.
- 3 3/8/o
595,000
0
46,000
1.116.000
3%
3%
- 3 1/8$
- 3 3/8$
$
3fo
- 3 3/8/o
Chicago
In other d is t s .
2,825,000
St. Louis
In other d ists*
Dallas
1-30 days
In other d is t s .
£1.162*000
San Francisco 1-30 days
In other d is t s .
51,000
1.4&8.0QG
836,000
0
226*000 Sold to
Mem, Bks*
£1.062.000
1,355,000
388,000
$1,459^000
Totals
813.753.000
$14.382.000
81,590.000
ir
Reproduced from the Unclassified
I Declassified Holdings of the National Archives
Authority
/j
June 10, 1924*
/
Bear Mr* Mfctteson:
I
acknowledge r e c e ip t o f jo u r l e t t e r o f
the 9t& in s ta n t, e n clo sin g re p o rt o f transac
tio n s in Oovermaent s e c u r it ie s and bankers
acceptances as r e p o r t s t o the Open Iferket
Investment CasBittee f o r the Federal Reserve
System fo r the p eriod fr o a litey 29 to June 4 ,
1924, in c lu s iv e , tog eth er witfc data received
by the Ccwiaittee from the Federal reserve
banks*
Very t r u ly y ou rs,
Walter L* Bady,
S ecretary.
I4r* W* B. M itteson, S ecreta ry,
Op«n Market Investment Gonmitt©e,
o /o Federal Reserve Bank,
lew York, H„Y*
¥
-Q.
(£) f > 0 I
....
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u th o r ity , 0 . /
Fe
R
deral
o f
e s e r v e
Ne
w
Y
Ba
n k
o r k
Open Market Investment Committee
fo r the Federal Reserve System
CONFIDENTIAL
June 9, 1924
S i r :
Enclosed i s a rep ort o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported t o the
Open Market Investment Committee fo r the Federal Reserve
System f o r the period from May 29 t o June 4, 1924 in clu
s iv e , tog eth er with data received by the Committee from
the Federal reserve banks.
Secretary o f the Committee
Honorable D* R. C r is s in g e r ,
G overnor, F ederal Reserve Board,
W ashington, D. C.
E n closu re
C)SO I
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u t h o r it y
C ONF I DE NT I A L
Report o f Open Market Investment Committee
Week Ended June 4, 1924.
CONTENTS
FEDERAL RESERVE BANK STATISTICS
P.ag.q
Comparison o f H o ld in g s - Earning A ssets- - - - - -
1
Changes in Holdings - Government S e cu ritie s- - - - 1
Bankers Acceptances- - - - - 1
CURRENT CONDITIONS
Security Market- - - - - - - - - - - - - - - - - - 2
Bankers Acceptances- - - - - - - - - - - - - - - - 4
Money Market - - -
- -
- -
- -
- —
- 4
OPERATIONS FOR TREASURY...............................................................5
SYSTEM1 S SPECIAL INVESTMENT ACCOUNT...................................... 6
TRANSACTIONS AFFECTING INVESTMENT ACCOUNT ALL BANKS
Government S e cu ritie s - - - - - - - - - - - - - - - 7
Bankers Acceptances- - - - - - - - - ^ - - - - - - 8
;Q. /C)S&I
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority4^ ; Q . / 0 ) S O I
-1 -
COMPARISON OF HOLDINGS OF EARNING ASSETS BY FEDERAL RESERVE BANKS
___________________ FROM JANUARY 30 TO JUNE 4, 1924___________________
(000 Omitted)
TOTAL
EARNING
ASSETS
-1924Jan« 30
Feb* 27
Mar* 26
Apr* 30
May 28
June 4
$914,881
950,801
942,080
873,381
850,193
856,243
♦GOVERNMENT
SECURITIES
$120, 772
155,801
257,256
301,660
333,282
397,890
BANKERS ACCEPTANCES
Sales
Contracts
Purchases
$235, 930
205,022
164,947
102, 800
49, 869
43,420
BILLS
DISCOUNTED
$35,862
58,288
37, 511
21,685
36, 891
12, 212
$522,307
531,690
482, 315
447,185
429,600
401,420
^Includes males con tra cts
CHANGES IN HOLDINGS OF GOVERNMENT SECURITIES AND BANKERS ACCEPTANCES
BY FEDERAL RESERVE BANKS (EXCLUSIVE OF SALES CONTRACTS)
____________________ DURING m&K ENDING JUNE 4, 1924
(OOO'Omitted)
GOVERNMENT SECURITIES
Balance
Net
Balance
Change
June 4
May 28
Boston
$ 32,807
New York
95,381
35, 361
P hiladelphia
46, 829
Cleveland
Richmond
5,125
Atlanta
97
Chicago
62, 820
St* Louis
6,966
Minneapolis
22,152
22, 922
Kansas C ity
24,392
D allas
San Francisco
40. 917
T o t a 1 s
$395,769
$ 26,764
75, 930
29, 506
38, 842
5,125
211
51,175
6,96 6
20,383
20, 297
22,503
34,370
$ 6,043+
19,451+
5, 855+
7,987+
0
11411, 645+
0
1, 769+
2,625+
1, 889+
6f 547+
$332,072
$63,697+
BANKERS ACCEPTANCES
Balance
Balance
May 28
June 4
$ 4,144
8, 315
4,100
5,379
1, 296
2, 906
6,409
2, 200
1,444
1,101
1,909
4,217
Net
Change
$ 4,496
7, 910
4,014
7,556
1,447
2,988
8,323
2, 548
1, 732
1,461
2,450
4.944
$
352405+
86+
2,17715182*'
1,914348—
28S360541727-
$49,869
$6,44$-
COMMENT ON CHANGES FOR WEEK ENDED JUNE 4
T otal earning a ssets o f the System advanced $6*059, 000*
Accompanying
furth er ease in money co n d itio n s rediscou nts and advances declin ed 428,180,000,
while b i l l s held under sa le s con tra cts were reduced $24,679,000®
Bankers accept
ances held ou trigh t declined $6,449,000* These lo s s e s were balanced by an in-*
crease in Government s e c u r it ie s o f $64,608,000 o f *?hich amount $62,950,000 rep re sented s e c u r it ie s purchased during the week fo r the System Investment Account fo r
apportionment to a l l Federal reserve banks*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
-
2
,0 . IC)S o j _
-
SECURITY MARKET
General
Bond
Market
P re-h olid a y quietness marked trading in the bond market during the e a rly part of the period.
than fo r the past two months.
Average d a ily turnover was sm aller
At the beginning o f the week p r ic e s ad
vanced moderately with more a ctiv e trading.
At the clo s e of the
p eriod average p rice s on fo r t y domestic bonds were 78,76, compared with
78,58 on the previous Wednesday.
in strong demand.
High grade ra ilro a d bonds were again
There was increased a c t iv it y in the lower p riced
r a ilro a d issu es as w ell as in those bearing con v ertib le features.
General u n certainty as t o future p o l i t i c a l developments was a
fa c to r in e r r a t ic flu c tu a tio n s and general weakness in French exchange
rates fo r the week.
On Monday francs dropped a t one time t o , 0489, a
new low p oin t since March,
Recovery which follow ed brought the rate
back t o the 5 cent le v e l again.
and irre g u la r.
In sympathy Belgian francs were weak
The s t e r lin g market was d u ll end the rate held f a ir ly
steady ^.t about 4,31 l/2 „
Bonds of fo re ig n governments were gen era lly
firm.
New bond o ffe r in g s fo r th e ‘ week ended June'# to ta le d
$120,000,000 against $108,000,000 fo r the previous week, and $71,000^000
fo r the corresponding week of 1923,
Feature of new: fin an cin g th is week
wag the large o ffe r in g s of state and municipal bonds.
th is group to ta le d nearly $100,000,000,
O fferings in
A ll of these issu es were re
ported to have been p r a c t ic a lly f u l ly subscribed, in d ica tin g a strong
demand f o r new tax exempt s e c u r itie s .
The la r g e s t sin g le issue con
sisted of $67,400,000 C ity of New York s e c u r it ie s bearing a 4 l/4 $ coupon
divided in to $37,000,000 gold corporate stocks p rice d t o y ie ld 4# 15$
and $30,400,000 short-term
L iberty
Bond
Market
bonds t o y ie ld from 3.5C$ t o 4$,
L ib erty bonds continued in a ctiv e demand and p rice s advanced
p a r tic u la r ly during the la s t two days of the period.
Buying was
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
;Q . /
050 I
*3-
p r in c ip a lly by banks and other large in s tit u t io n s .
P ric e s in a l l i s
sues advanced substantially^ # as shown in the fo llo w in g ta b le ;
Net
High
Close
Secu rity
Grain
fo r Period
May 28
F ir s t 3 l /2 s
”
4 l /4 s
Second 4 l /4 s
Third 4 l /4 s
Fourth 4 l/4 s
Treasury 4 l /4 s
*100.5
*10Q, 25
*100.21
**101. 4
**101.1
102, 17
99.29
100. 19
100.10
101.2
100. 25
102.13
4- 8/32
+ 6/32
+11/32
+ 2/32
+ 8/32
+ 4/32
* High fo r year
** Equals previous high fo r a l l time
Banks in the other d is t r i c t s rep ort sim ila r con d ition s as the
continued ease in money con d ition s, with reduced business demands, has
stim ulated the employment of in s tit u t io n a l funds in Government secur
it ie s .
Chicago, however, reports that the market has been rather q u iet
and in a ctiv e , although demand has been in excess of supply.
In the fa r
western d i s t r ic t s *th« Government se cu rity market continued quiet*
New York
Market fo r
Short*term
(Jove rnments
With c a l l money rates ranging from 2 3/4$ t o 3% and a further
red u ction in dealers* o ffe r in g rates on bankers' b i l l s t o 2 7/8%
there continued t o be a strong demand f o r a l l s^ort-term Government
s e c u r it ie s .
Although the supply in the hands of dealers was small
there were several tran saction s reported in v olv in g large sized blocks
these s e c u r it ie s .
Demand was e s p e c ia lly good fo r Treasury notes
maturing in 1925 and 1927.
Higher p r ic e s were reached on a l l issu es
with corresponding d e clin e s in y ie ld .
The fo llo w in g ta b le
compares
y ie ld s of various m a tu rities, a t present o ffe r in g p rice s , w ith those
o f a week ago:
u. S. C tfs. o f Ind. maturing 4 t o 6 months
it it
• I n n
10 " 12
n
Treas. Notes
”
1 ” 2 years
t* it
tt
tt
»t
"
over 3
June 5
May 29
2.93
3.36
3. 65
3. 89
3. 03
3. 45
3, 73
3. 92
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority4 - ; Q . / Q . S O I
«• 4 **
BANKERS ACCEPTANCES
Hates
At the clo s e o f the period dealers* rates on a ll m a tu rities
were lowered l/8%, from 3 l / 8 f0 bid 3f0 o f f e r to 3% bid 2 7/dfo o ffe r e d .
In Chicago low er rates Seemed l i k e l y as one d ea ler there is already
bidding 2 7/&% and planning to o f f e r at 2 3/4/C
Abstract
of Reports
from Banks
Boston rep orts that the supply o f b i l l s continued lig h t and
showed no sign o f immediate improvement*
stron ger.
The domand was somewhat
Short b i l l s were in best demand.
O fferin g s to reserve bank
were the la rg e s t sin ce the week o f February 20 but were m ostly o f very
short m a tu rities.
3$.
There have been no o ffe r in g s sin ce bid rate went to
In New York the market was much more a ctiv e than during the pre
viou s week but a c t iv it y was confined to one or two days toward the end
o f the p eriod .
The supply o f b i l l s was moderate.
Fresh b i l l s were
few and, due to the low rates fo r c a ll money, banks were somewhat re*»
lu cta n t t o s e l l b i l l s which they were h oldin g in p o r t f o l i o .
Du© to
la rg e orders from a few lo c a l banks dealers* sa les showed a marked
improvement*
Out o f town sa les were li g h t .
Lowering o f rates at the
clo s e o f the period t o 3% bid, 2 7 /8 $ o ffe re d , was reported done more
to improve the supply o f b i l l s than in expectation o f continued heavy
demand; n ev erth eless, dealers* aggregate p o r t f o l i o s showed a s lig h t
decrease.
P h iladelph ia rep orts l i t t l e a c t iv it y in the b i l l market.
Supply was somewhat in excess o f the demand which was unusually lig h t
in view o f reduced ra te s.
In Chicago the supply o f b i l l s was small
while demand was f a ir l y good,
MONEY lilARKBT
Notwithstanding tha fa ct that loans arranged on Thursday,
opening day o f the p eriod , extended over a th ree day h oliday which
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A u th o r ity
,0. / £)S0 I
- 5 included the end o f the month, c a l l money a ft e r opening and renewing
at 3%.was lowered t o 2 3 / 4 Al though low er rate was accompanied by
su bstan tial withdrawals to the in t e r io r , money continued in ample
supply.
On Monday rate was firm at 3
During the balance o f the
period rate was lowered to 2 3 /4 $ each day follow in g opening and
renewal at 3%
Demand was only moderate, new loan s arranged each
day averaging about $16,500,000 placed at an average rate o f 2.86$.
C all loans on acceptances were steady at 2 3/4$.
Although there was no change in quoted rates f o r time money
there were evidences o f a s lig h t ly e a sie r undertone btat demand was
li g h t .
Commercial paper dealers continue to report th at the s c a r c ity
o f paper is the p rin cip a l fa c to r which lim its sales*
The market ap
peared to be somewhat e a s ie r t h is week with some furth er increase in
the proportion of sa les at 4$.
The bulk o f prime names, however,
continues to move at 4 l / 4 $.
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
At the request o f the Treasury the Federal Reserve Bank of
New York e ffe cte d a private purchase o f $9, 000,000 ^hird L ib erty Loan
4
l /4 $ bonds fo r account Purchases from Surplus Money in the Treasu
The New York bank also sold from the investments o f the A lien Prop
erty Custodian $8,000,000 TJ-1924 c e r t i f i c a t e s o f indebtedness and
purchased fo r that account $9,000,000 TM-1925 c e r t ific a t e s *
M iscellaneous
At the request o f the Treasury the Federal Reserve Bank o f
New York purchased $194^000 Treasury bonds o f 1947-52 f o r account o f
the Government L ife Insurance Fund and 0199,000 TM-1925 c e r t i f i c a t e s
o f indebtedness fo r account o f the In te rs ta te Commerce Commission •
Railroad Contingent Fund.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
-
6
-0. / C)SO f
-
SPECIAL INVESTMENT ACCOUNT FOR FEDERAL RESERVE SYSTEM
Apportionment o f tfinited States Government s e c u r it ie s held in thd
S p ecia l Investment Account fo r the Federal Reserve System at the c lo s e o f
business June 4 amounted t o $321,043,300 as fo llo w s :
Boston
New York
P hiladelphia
Cleveland
Richmond
A tlanta
Chicago
St, Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
T ota ls
C ert% o f Ind.
Treasury Notes
Total
$ 6,943,500
22,366,000
4,067, 500
8, 045,000
972,500
0
13,429,000
1,830, 000
4, 803,000
3, 548, 500
3,181, 500
7, 533.000
$ 22,304,100
71,813,300
13,881,100
25, 836, 300
2, 811, 700
0
43*133,0005,135,800
10, 516, 900
10, 889, 600
13, 809, 600
24,192. 400
$ 29,247* 600
94,179,300
17, 948, 600
33, 881, 300
3r 784, 200
0
56, 562, 000
6,965,800
15, 319, 900
14*438,100
16,991,100
31r 725.400
$.76j 719, 500
§244, 323, 800
$321*043. 300
RECAPITULATION OF PURCHASES
Made Bv
Amount
Boston
New York
Philadelphia
Cleveland
Richmond
A tlanta
Chicago
St. Louis
Minneapol is
P allas
San Francisco
$
8, 748, 500
294, 907,000
2, 029, 500
340,000
600,000
1,241,400
7,150, 000
936, 900
113,000
548,000
4,429. 000
RECAPITULATION OF PURCHASES BY MATURITIES
June 15*-16,
Sept.
15,
Dec.
15,
March
15,
June
15,
15,
Dec.
March
15,
Sept.
15,
March
15,
Dec.
15,
1924
1924
1924
1925
1925
1925
1926
1926
1927
1927
$ 59,912,700
36, 510, 500
23, 755, 500
81,630,000
24,852,700
25,688, 000
23, 790, 600
7,810,000
28, 512,000
8r 581, 300
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u th orityX - ; 0 . / C )5
- 7 -
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT
OF ALL FEDERAL RESERVE BANKS FROM MAY 29 TO JUNE 4, 1924
GOVERNMENT SECURITIES
Boston
Purchases
Issue
$1,075,000
4,968, OOP
Part*System Inv#c / l
it
ft
Sales
It
Issue
Held Under
Sales Contracts
$
12,950
ijy fy
**■■0*3,000
New York
3,461,000
15,990, 800
Part-System I n v « c /l
n
ff
w
§19,451,800
Fh iiadelph ia
1,042,000
4. 812. 800
Part.System I n v .c /l
!»
♦»
i*
35. 854, 800
Cleveland
1,243, 000
5, 744, 300
1. 000, 000
Part.System I n v .c /l
»
it
n
Third L. L* Bonds
$7,987, 300
Richmond
0
Atlanta
110, 550
Chicago
2, 071, 500
9, 573, 700
0
Misc. Gov’ t Sec*
0
224,350
Part.System I n v .c /l
i.
«
« T/ N
0
»
Part.System I n v . c / l
fi
»i
" t/ n
Misc. GovH Sec*
1, 336, 300
Mies.GovH Sec.
,
0
108,700
$11,645, 200
St. Louis
Minneapolis
369, 500
1, 707, 700
1,028,050
M iec.GovH Sec* 1,000,000
$3,105,250
Kansas City
437? 000
2, 018, 200
169,250
Part. System Inv. c/l
»
»
n T/ N
1,000*000
Misc. GovH Sec*
£2,624,450
D a lla s
336,000
1, 552. 500
Part.System I n v * c /l
If
M
« T/N
0
0
0
l
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A uthority
-
;Q. / t)SO I
8
GOVERNMENT SECURITIES - ( Continued)
Purchases
San Francisco
Issue
Sales
I ssu e
t
0
0
$1,165,000 Part - System Inv - C /l
n
1»
/
5.382.000 I f
Held Under
Sales Contracts
n
$6.547,000
T o t a l
Maturity
Boston
)1 ,560 .650
165,257 .850
1- 30 days
31-60 Tt
61-90 ft
BANKERS ACCEPTANCES
PURCHASES
Rate
Amount
MATURITIES Held Under
Sales Contracts
Amount
$2,250,000
$1,722,000
56 ,000
110.000
$1,732,000
$1 .898 .000
New York
1-30 days
31-60 i?
61-90
Over 90
3,9 51,000
287 ,000
61 ,000
... iL-LPOO
4,008,000
- 3 3/8 $
$4,413.000
P h iladelphia
1-30 days
31-60 "
61-90 "
1,161,000
363,000
382 *000
3$
3 l /8 $
3
4,789,000
( 3,789 ,000 one
day holdover
for d istrib u
tion to F. R.
Banks)
(92 ,000 for
eign trade
b ills )
3 1/8$
1,820,000
- 3 1 /2 $
3.035.000
0
151.000
0
$1.905,000
Cleveland
In other
d is t r ic t s
3$
0
Richmond
542.000
460 ,000
A tlanta
Chicago
858,000
1-30 days
In other
d i s t r ic t s
10,000
1 .531.000
3.455.000
3%
3$
- 3 1 /2 $
51>541-000
Minneapolis
In other
d is t r i c t s
334.000
3%
-3
1/ 2 $
682 ,000
In other
d is tr ic ts
305.000
3%
- 3 1 /2 $
59 3,000
(1 ,2 2 9 ,0 0 0 Un
indorsed b i l l s
purchased from
accepting
banks)
1 42,000
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A uthorityQ.
I£ )S O I
- 9 BANKERS ACCEPTANCES - (Continued)
Kansas City
Dallas
Maturity
PURCHASES
Amount
In other
d is t r i c t s
$381, 000
1-30 days
31-60 n
In other
d i s t r ic t s
8, 000
13,000
560. 000
Rate
3%
- 3 l/zfo
3 1/8%
3 l/8fo
3%
- 3 1/2%
|S81. 000
San Francisco
1-30 days
In other
d is tr ic ts
258.000
774.000
MATURITIES
Amount
$
Held Under
Sales Contracts
0
741,000
1.115, 000
6, 000 Sold to
______Mem, Bks.
0
&1,122. 000
3%
3%
- 3 1/4%
- 3 1/2%
1, 759, 000
439,000
10.158. 000
112.212. 000
L» 032. 000
T o t a 1 s
$13.709.000
Reproduced from the Unclassified
I Declassified Holdings of the National Archives
*)
Executive Folder
June 4 , 19 <'.'4.
Deer Mr. rlat-teson:
I
acknowledge r e c e ip t of your l e t t e r
o f the 3rd in s te n t, e n clo sin g re p o rt of
tra n sa ction s in Government s e c u r it ie s end
bankers acceptances as reported to the Open
Market Investment Committee fo r the Federal
Reserve System fo r the period from May ZZ
to May 28, 1924, in c lu s iv e , together with
data received by the Committee froci the
Federal reserve banks.
Very tru ly yours,
waiter L* Eddy,
Secretary*
Mr. W. B* Matteson, S ecretary,
Open Market Investment Committee,
c / o Federal Reserve Bank,
New York, K.Y.
rr
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
\
Fe
deral
of
R
N
e s e r v e
ew
Yo
Ba
n k
r k
Open Market Investment Committee
fo r the Federal Reserve System
CONFIDENTIAL
June 3, 1924
S i r :
Enclosed i s a report o f tra n sa ction s in Govern
ment s e c u r it ie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the p eriod from May 22 to May 28, 1924 in c lu
siv e , tog eth er with deta received by the Committee from
the Federal reserve banks.
Secretary o f the Committee
H onorable D. R. C r is s in g e r ,
Governor, F ederal R eserve Board,
Washington, D. C.
E n closure
;Q . / C ) S Q I
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u t h o r i t y ;Q .
/Q . S O t
C O NF I D E NT I A L
WEEKLY REPORT OF OPEN MARKET INVESTMENT COMMITTEE COVERING PERIOD
_________________ MAY 22 TO MAY 28, 1924 (INCLUSIVE)__________________
Comparison o f Holdings o f Earning A ssets by Federal Reserve Banks
from March 28, 1922^ to May 28. 1924 ________
(000 Omitted)
-1923March 28
A pril 25
29
May
Jttne 27
July 25
Aug. 29
Sept* 26
Oct. 31
Nov. 28
Dec. 26
-1924Jan. 30
Feb. 27
March 26
A pril 30
7
May
tt
14
tt
n
21
28
BILLS
TOTAL
EARNING
ASSETS
♦GOVERNMENT
$1,203,720
1,104,489
1,178,156
1,114, 219
1,033, 697
1,082, 553
1,126, 334
1,180,652
1,167,999
1,297,775
$249,409
193, 810
189, 288
134,976
96,284
93, 530
91, 885
91, 837
84, 460
104,158
$234, 636
26 5,193
231,015
173, 694
155, 817
152, 095
151, 728
165, 064
244,136
288, 028
$19,615
8, 848
26, 803
30, 531
21,047
21, 390
20,396
39, 634
44, 868
48, 387
$700,060
636,638
731,050
774,963
760, 539
815, 518
862,006
883,800
794, 381
857,151
914, 881
950, 801
942,080
873, 381
838, 505
810, 257
795, 499
850,193
120,772
155, 801
257,256
301,660
310, 882
323,164
324,641
333, 282
235,930
205,022
164, 947
102,800
83, 525
71, 409
52,958
49,869
35, 862
58, 288
37,511
21,685
3, 762
3,952
2,734
36, 891
522, 307
531,690
482, 315
447,185
440, 285
411,181
414, 615
429, 600
SECURITIES
BANKERS ACCEPTANCES
Sales
Contracts
Purchases
DISCOUNTED
♦Includes sa le s con tra cts
NOTE:
Earning a sse ts o f the System increased $54,694,000 during the week to a
t o t a l o f $850,193,000. Net changes in the d iffe r e n t cla s s e s are shown below*
Changes in H oldings o f Government S e c u r itie s and Bankers Acceptances
by Federal Reserve Banks (E xclu sive o f Sales C ontracts)
During Week Ending May 28, 1924
----- (000 Omitted J
GOVERNMENT SECURITIES
Balance
Balance
Net
May 21
May 28
Change
BANKERS ACCEPTANCES
Net
Balance
Balance
May 21
Change
May 28
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Ch icago
St* Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
$ 26, 764
75, 930
29, 506
38, 842
5,125
211
51,175
6,966
20,383
20, 297
22, 503
34,370
$ 25,756
72, 685
28, 530
37,675
5,125
54
49, 232
6,966
22,016
19,879
22,188
33. 278
$ 1,008+
3,245+
976+
1,167+
0
157+
1,943+
0
1, 633418+
315+
1.092+
$ 4,496
7,910
4,014
7,556
1,447
2,988
8, 323
2, 548
1,732
1,461
2,450
4,944
$ 4,849
6,067
4,837
8,096
l t 680
3, 530
9,777
2, 723
1,844
1,699
2,498
5.358
$ 3531, 843+
823540233—
5421,45417511223848414-
T o t a l
$332,072
$323, a84
$8. 688+
^49,869
$52.9SB
31.089-
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
;0 . ( £ ) S O I
• 2 —
SECURITY MARKET
General
Bond
Market
Although trading continued f a i r l y a ctiv e th ere was l i t t l e
net change in p r ic e s and some ir r e g u la r it y during the week in the
s e cu rity market*.
Some h esita n cy on the part o f buyers was ascribed
by d ealers t o un certain ty as t o the P resident*s a ction on the ta x
re v isio n b i l l *
Published rep orts o f low er ra ilroa d earnings fo r
A p ril were follow ed by su b sta n tia l lo s s e s in certa in ra ilro a d issu es.
Bonds o f rubber companies continued t o be under pressure, as w ell as
ce rta in Speculative in d u s tr ia ls .
On the oth er hand many high grade
ra ilro a d and corp oration bends were in good demand and advanced modern
ately*
In the fa ce o f weakness and irr e g u la r flu ctu a tio n s in ex
change ra tes in which francs reacted t o .0521, t h e ir low est point
sin ce the la s t week o f March, and s te r lin g d eclin ed to s lig h t ly under
4*31, the low est sin ce the beginning o f A p r il, bonds o f foreig n govern
ments held r e la t iv e ly steady*
Despite the fa c t th at the week was shortened by a h olid a y
new bond o ffe r in g s to ta le d approxim ately #108*000,000 fo r the week
ending May 31, as compared with $9X» 000,000 fo r the previous week*
R ailroad financing accounted fo r p r a c t ic a lly h a l f o f the t o t a l, con
s is tin g c h ie fly o f $35,000,000 Baltimore and Ohio 6% bonds at par and
$20,000,000 Cleveland, C incinnati, Chicago and St* Louis 5% bonds
sold t o y ie ld 5*34^*
The balance was divided between the sta te and
municipal and p u b lic u t i l i t y groups*
L ib erty
Bond
Market
As in the previous week, the e f f e c t s o f e a s ie r money condi
t io n s on a c t iv i t y in the s e c u r ity markets were most marked in the
case o f United States L ib e rty bonds*
Transact ions fo r the week
to ta le d about $20,000,000 and, as lias been the case fo r the past
several weeks, buying apparently came p r in c ip a lly from banks and other
la rg e in s tit u t io n s which were seeking investment fo r surplus funds.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
; Q . 10 5 0
- 3 The passage o f the bonus b i l l over the P resident*s veto acted as only
a temporary check and s lig h t ly low er p rice s were follow ed by a large
volume o f buying and sharp p rice advances in which a new high p rice
fo r the year was esta b lish ed by the Fourth issue at 101 and a new
high f o r a l l time by the Thirds at 101.4*
period,
Toward the clo s e o f the
in sympathy with other markets and the approaching h olid a y
period, a c t iv it y was somewhat diminished and p r ic e s reacted s lig h t ly
from previous high le v e ls *
Banks in the other d i s t r i c t s report sim ila r con d ition s in
the markets f o r Government s e c u r it ie s , with the exception o f the fa r
west where the markets were q u ie t.
A ll banks reported good demand
fo r Government bonds in excess o f the supply*
New York
Market fo r
Short-term
Governments
With p re v a ilin g easy money said reduced business demands
there has been l i t t l e tendency on the part o f owners o f short Governasents t o dispose o f t h e ir h old in gs and a c t iv it y during the period
con sisted la r g e ly o f s h if t s o f la rge bldcks o f c e r t i f i c a t e s and notes
from one m aturity t o another, o r exchanges fo r lo n g e r termed L ib erty
bonds*
The fo llo w in g ta b le compares y ie ld s o f various m a tu rities,
at present o ffe r in g p r ic e s , with those o f a week ago:
May 29
U.
U*
U.
U*
S*
S*
S.
S*
C tfs . o f Ind.
C tfs. o f Ind.
Treas* Notes
Treas* Notes
maturing 4 t o 6 months
maturing 10 t o 12 months
maturing 1 t o 2 years
maturing over 3 years
3.03
3.45
3*73
3*92
May 22
2.95
3.50
3.74
3*91
BANKERS ACCEPTANCES
Abstract
o f Reports
from Banks
In Boston the supply o f b i l l s was sm aller than in the p reviou s week, w hile demand held almost the same*
p rin cip a l buyers.
The supply was la r g e enough t o s a t is f y demand and
d ealers t o t a l h old in gs increased s lig h tly *
country banks are la r g e ly out o f the market*
short b i l l s .
Corporations were the
At the present low y ie ld
The b e st demand was fo r
The b i l l market was q u iet in New York t h is week*
I
r"
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A uth ority
ifc , 0 . /C)50 I
*■A '
Temporary firm ness in c a l l money.on Monday, when rate went to 4 l / 2 $ f caused
banks to s e l l b i l l s in quantity and dealers p o r t f o l i o s were su b sta n tia l
ly in cre a se d .
Demand throughout the.week was extremely lig h t and dealers
t o t a l s a l e s , which were almost e x clu s iv e ly l o c a l , w e re .le ss than fo r any
week t h is year with but one exception*
In P hiladelphia tfte acceptance
market continued d u ll with l i t t l e demand fo r b i l l s and dealers holdings
increased*
Chicago re p o rts that the market fo r b i l l s was not as good as
la s t week and dealers ra ise d t h e ir b id rate during part o f the p eriod to
3 1/4$ fo r m atu rities up to 90 days, but continued to o f f e r at 3$.
B ills ,
however, did not move fr e e ly at the 3$ ra te .
Rates
With the ex cep tion o f the temporary change in the b id rate
at Chicago, as noted above, ra tes remained fj£m and unchanged during the
p e rio d , dealers bidding 3
l/sfo
and o ffe r in g at 3$ on a l l m a tu rities up
to and in clu d in g 120 day b i l l s .
MONEY MARKET
Ruling
Rates
Continued ease and s t a b i lit y o f ra te at 3% ch a ra cterized c a ll
money during the e a rly part o f the p e rio d .
On Monday, however, there
was decided firm ness, and rate advanced su cce ssiv e ly to 3 l/2 $ and 4$
and f in a lly closed at 4 l/2 $ „
reached sin ce A pril 29,
This i s the f i r s t time that rate had been
The firm er tone was only temporary probably re
f le c t in g la rg e ly withdrawals t o the in t e r io r and month-end requirements
arranged e a r lie r than usual owing to the holiday and the shortened week.
A fter opening at 4$ on Tuesday the ra te was soon re e sta b lish e d on the 3$
le v e l which had ru led p re v io u sly .
There was l i t t l e a c t iv it y during the week in time funds*
Loans
fo r short p eriod s were held at 3 3 /4 $ , while ra te s fo r m atu rities up to
4 months were at 4$ and beyond that at 4 l/4 $ *
paper continues lim ite d *
The supply o f commercial
Rates on prime names ranged from 4$ to 4 l/«S$,
with the bulk o f sa les at 4 l /4 $ , although dealers rep orted su b sta n tia l
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authorityifc ?Q .
I6 S
- 5 increase in volume o f sa les at 4$
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
At the request o f the Treasury the Federal Reserve Bank o f
New York e ffe c t e d a p riv a te purchase o f Third L iberty Loan 4 1/4$
bonds aggregating $16,200,000 fo r account Purchases from Surplus Money
in the Treasury, and a private sa le o f $6,200,500 Fourth Liberty Loan
4 l / 4 $ bonds fo r account o f the Board o f Trustees P ostal Savings Sys
tem; .the New York bank a lso s o ld from the investments o f the Alien
Property Custodian $7,000,000 TJ-1924 c e r t i f ic a t e s o f indebtedness and
purchased in replacement a. lik e amount o f TM-1925 c e r t if i c a t e s o f in
debtedness.
MjseeIlaneoua
At the request o f the Treasury, the Federal Reserve Bank
o f New York purchased $194,000 Treasury bonds o f 1947-52 fo r account
o f the Government L ife Insurance Fund and $203,500 TM-1925 c e r t i f i
cates fo r account o f the In te rsta te Commerce Commission - R ailroad
Contingent Fund.
SPECIAL INVESTMENT ACCOUNT FOR EEI&RAL RESERVE SYSTEM
Apportionment o f United States Government s e c u r it ie s held
in the S p ecial Investment Account fo r the Federal Reserve System at
the clo s e o f business May 28 amounted to $258,093,300 as fo llo w s :
Boston
New York
P hiladelphia
Cleveland
Richmond
A tlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
C ert, o f Ind,
Treasury Notes
$ 5,868,500
18,905,000
3,025,500
6,802,000
972,500
0
11,357,500
1.830.000
4.433.500
3.111.500
2.845.500
6.368.000
$ 17.336,100
55,822,500
9,068,300
20,092,000
2,811,700
0
33,559,300
5,135,800
8,809,200
8,871,400
12,257,100
18,810,400
$ 23,204,500
74,727,500
12,093,800
26,894,000
3,784,200
0
44,916,800
6,965,800
13,242,700
11,982,900
15,102,600
25.178.400
$6 5 ,5 1 9 ,5 0 0
$192,573,800
$258^093,300
O
/
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
;Q. /()SO I
- 6 **
RECAPITULATION OF PURCHASES
Amount
Made Bv
$ 8, 748, 500
Boston
New York
231, 957,000
2,029,500
P h ilad elp h ia
Cleveland
340,000
Richmond
600,000
1, 241, 400
A tlanta
7,150,000
Chicago
St* Louie
936,900
Minneapolis
113,000
D allas
548, 000
San Francisco
4*429* 000
RECAPITULATION OF PURCHASES BY MATURITIES
June 15-16, 1924
Sept.
15, 1924
Dec.
15, 1924
15. 1925
March
15; 1925
June
15, 1925
Dec.
March
15, 1926
Sept*
15, 1926
15, 1927
March
15, 1927
Dec.
0 30,462, 700
34, 510, 500
23,755, 500
69,130, 000
23, 352, 700
25,188, 000
12, 290, 600
6, 810, 000
24,012, 000
8, 581, 300
§258,093* 300
6258,093* 300
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
________ ALL FEDERAL RESERVE BANKS FROM MAY 22 TO MAY 28, 1924_________
GOVERNMENT SECURITIES
Purchases
Boston
$
672,000
336*OOP
Issue
Sales
Held Under
Sales Contracts
Part*System Inv. C /l
" T /n
0 12,950
Si. 000, OOP
New York
2,163,000
l t 081. 500
Part.System I n v .c A
" t/ n
$3. 244. 500
P hiladelphia
651,000
325. 500
Part*System In v*C /l
*
w
" T/N
£976, 500
Cleveland
777,000
388,500
1,000
Part.System I n v .C /l
tt
"
" T/N
TM-1925 Ctfs*
$1.166. 500
Richmond
A tlanta
348,300
M isc. GovH Sec.
191,450
M isc. GovH Sec.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u th ority4^ , 0 . I b S O l
~ 7 -
GOVERNMENT SECURITIES - (Continued)
Purchases
Chicago
Issue
Sales
Held Under
Sales Contractg
Issue
197,500
1,295 OOO Part.System InY*C/I
647 500
"
”
w T/N
$1.942.500
S t . Louis
0
Minneapolis
231,000 Part.System In v .C /I
115,500
"
"
” T/N
4.560.050 Mi«c#GovH Sec,
6,538,600 M isc.GovH Sec,
1,000,000
$4,906.550
Kansas City
273,000 Part.System I n v .C /I
136,500
"
"
" T/N
9.000 TM-1925 C tfs.
0
& 418,500
Dallas
$
210,000 Part.System In v .C /I
105,000
"
"
M T/N
0
0
0
0
& 315.000
San Francisco
728,000 Part.System In v .C /I
364.000
&1.092,000
S
^W.T^n1-' wJS-
T O T A L SS15.418.350
01,210,450
&6.730.050
BANKERS ACCEPTANCES
M aturities
Boston
1-30 days
31-60
"
61-90
"
PURCHASES
Amount
$
208,Q00
75.000
12.000
MATURITIES
Amount
Rate
3 l/Bfo - 3 l/4/o
3 1/4%
3 l/4/o
1648,000
3 3/8$
3 l/2/o
3 3/4/o
877,000
Held Under
Sales Contracts
0
785,000
A
3L. 295,000
New York
1-30 days
31-60 »
61-90 "
Over 90 u
2,343,000
33.000
73.000
271,000
£2.720,000
3
3
3
3
l/8/*
1/4%
1/4%
1/4%
33,235,000
(151,000 f o r eigh trade
b ills )
(208,000 oneday hold-over
fo r d i s t r i
bution t o
F. R. Banks)
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A u th orityifc 0 . I C ) S O I
BANKERS ACCEPTANCES - (Continued)
Maturity
P hiladelphia
Cleveland
PURCHASES
Amount
Rate
1-30 days
101.000
3 l/8/o
In other
d is tr ic ts
740.000
3 l/8fo - 3 I / 4/0
Richmond
A tlanta
293.000
Chicago
S t. Louis
Minneapolis
Kansas City
1.280,000
0
233.000
0
957.000
3 l/8/o - 3 I / 4/0
2,411,000
In other
d is tr ic ts
297.000
3 l/8 /o - 3 1/4/.
472,000
In other
d is t r i c t s
290.000
3 l/8/£ - 3 I / 4/0
402,000
In other
d is t r ic t s
287.000
3 1/8% - 3 I / 4/0
525.000
$650,000
San Francisco
0
835.000
10.000 3 I / 4/0
49 f 000 3 1/4$
591.000 3 l/8/o - 3 1/ 4/
1-30 days
31-60 ”
In other
d is tr ic ts
17.000
56.000
689.000
Held Under
Sales Contracts
924.000
In other
d is t r ic t s
1-30 days
31-60 "
In other
d is tr ic ts
Dallas
MATURITIES
Amount
(1,146,000 Un
indorsed billc.
purchased frai«
accepting bks„J
862,000
0
632.000
66,000 Sold to
Mem,Bks*
& 698,000
3 3/8/o - 4 l/4/o
3 3/8/o - 4 l/4/o
3 l/8/o - 3 I/4 /0
1,176,000
504,000
£ 1 0 ,4 8 1 ,0 0 0
$ 3 6 ,8 9 1 ,0 0 0
$762,000
T o t
a^
$ 7 ,3 9 2 ,0 0 0
Reproduced from the Unclassified
I Declassified Holdings of the National Archives
Authority
Executive Folder
Dat
May 29, 1924
Deer Mr* ISatteson:
I
acknowledge r e c e ip t o f your le t t e r o f
the 27th in s ta n t, en closin g re p o rt o f tra n sa ctio n s in Government s e c u r it ie s and bankers ac
ceptances as reported to the Open Market In
vestment Committee fo r the Federal Reserve
System fo r the e rio d from May 15 to May 21,
1924, in c lu s iv e , togeth er with data received
by the Committee from the Federal reserve banks.
The re p o rt w i l l be brought to the a tte n tio n o f
the members o f the Board,
Very tru ly yours,
ed ) W a lt e r B. B r m f
Walter L* Eddy,
Secretary*
Mr. W. B* Matte son, S ecretary,
Open Market Investment Committee,
q /o Federal Reserve Bank,
Hew York, N.Y.
,0. I C)SO I
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority,0 .
\
Fe d e r a l R e s e r v e
o f
N
e w
Y
Ba n k
o r k
Open M arket In v estm e n t Committee
f o r t h e F e d e r a l R e se rv e System
CONFIDENTIAL
May 2 7 ,
192 4
S i r :
I n c lo s e d i s
a r e p o r t o f t r a n s a c t i o n s i n G overn
ment s e c u r i t i e s and bankers a c c e p ta n c e s a s r e p o r te d t o th e
Open M arket In v estm e n t Com mittee f o r th e F e d e r a l R ese rv e
System f o r th e p e r io d
s iv e ,
from May 15 to May 2 1 ,
1924 in c lu
t o g e t h e r w ith d a ta r e c e iv e d by th e Com m ittee from
th e F ed eral re se r v e ban k s.
R e s p e c tfu lly
W. B. M a tte so n
S e c r e t a r y o f th e Committee
H on orable D. R» C r i s s i n g e r ,
G o v e rn o r, F e d e r a l R e se rv e Board,
W a sh in g to n , D. C ,
Enclosure
/C )S > 0 f
—
Reproduced from the Unclassified / Declassified Holdings of the National Archives
DErtMsmro
A u th orityX- , 0 .
IC ) 5 0 I
C O N F I D E N T I A L
WEEKLY REPORT OF OPEN MARKET INVESTMENT COMMITTEE COVERING PERIOD
_______________ MAY 15 TO MAY 2 1 , 1 9 2 4
(INCLUSIVE)___________ ___________
Com parison o f H o ld in g s o f E a rn in g A s s e t s by F e d e r a l R eserv e Banks
.............................
from March 2 6 , I 9 2 3 t t o May 2 1 , 1 9 2 4 __________ _______ „__
(OOC O m itte d )
TOTAL
EARNING
ASSETS
*GOVERNMENT
SECURITIES
BANKERS ACCEPTANCES
S a le s
P u rch a ses
C o n tr a c ts
BILLS
DISCOUHTED
-1 9 2 3 March
A p r il
May
June
Ju ly
A ug.
Sept *
O ct.
N ov.
D ec.
28
25
29
27
25
29
26
31
$ 1 ,2 0 3 , 7 2 0
28
26
-1 9 2 4 Jan*
30
F eb .
27
M ar.
26
30
A pr.
May
7
ti
14
tt
21
1 ,1 0 4 ,4 8 9
1 ,1 7 8 ,1 5 6
1 ,1 1 4 ,2 1 9
1 ,0 3 3 ,6 9 7
1 ,0 8 2 ,5 5 3
1 ,1 2 6 ,3 3 4
1 ,1 8 0 , 6 5 2
1 ,1 6 7 * 9 9 9
1 ,2 9 7 ,7 7 5
$ 2 3 4 ,6 3 6
2 6 5 ,1 9 3
2 3 1 ,0 1 5
1 7 3 ,6 9 4
1 5 5 ,8 1 7
1 5 2 ,0 9 5
1 5 1 ,7 2 8
1 6 5 ,0 6 4
2 4 4 ,1 3 6
2 8 8 ,0 2 8
$ 1 9 ,6 1 5
8 ,8 4 8
2 6 ,8 0 3
3 0 ,5 3 1
2 1 ,0 4 7
2 1 ,3 9 0
2 0 ,3 9 6
3 9 ,6 3 4
4 4 ,8 6 8
4 8 ,3 8 7
$ 7 0 0 ,0 6 0
6 3 6 ,6 3 8
7 3 1 ,0 5 0
3 1 0 ,8 8 2
2 3 5 ,9 3 0
2 0 5 ,0 2 2
1 6 4 ,9 4 7
1 0 2 ,8 0 0
8 3 ,5 2 5
3 2 3 ,1 6 4
3 2 4 ,6 4 1
7 1 ,4 0 9
5 2 ,9 5 8
3 5 ,8 6 2
5 8 ,2 8 8
3 7 ,5 1 1
2 1 ,6 8 5
3 ,7 6 2
3 ,9 5 2
5 2 2 ,3 0 7
5 3 1 ,6 9 0
4 8 2 ,3 1 5
4 4 7 ,1 8 5
4 4 0 ,2 8 5
4 1 1 ,1 8 1
4 1 4 ,6 1 5
$ 2 4 9 ,4 0 9
1 9 3 ,8 1 0
1 8 9 ,2 8 8
1 3 4 ,9 7 6
9 6 ,2 8 4
9 3 ,5 3 0
9 1 ,8 8 5
9 1 ,8 3 7
84*460
1 0 4 ,1 5 8
9 1 4 ,8 8 1
9 5 0 ,8 0 1
9 4 2 ,0 8 0
1 2 0 ,7 7 2
1 5 5 ,8 0 1
2 5 7 ,2 5 6
301 *, 660
8 7 3 ,3 8 1
8 3 8 ,5 0 5
8 1 0 ,2 5 7
7 9 5 ,4 9 9
* I n c lu d e s
s a le s
2 ,7 3 4
7 7 4 ,9 6 3
7 6 0 ,5 3 9
8 1 5 ,5 1 8
8 6 2 ,0 0 8
8 8 3 ,8 0 0
7 9 4 ,3 8 1
8 5 7 ,1 5 1
c o n tra c ts
NOTE:
E a rn in g a s s e t s o f th e System d e c re a se d $ 1 4 * 7 5 8 ,0 0 0 d u rin g th e week t o a
t o t a l o f | 7 9 5 ,4 9 9 ,0 0 0 .
Net changes i n th e d i f f e r e n t c l a s s e s a re shown b e lo w ,
Changes in H o ld in g s o f Government S e c u r i t i e s and B ankers A c c e p ta n c e s
by F e d e r a l R ese rv e Banks ( E x c lu s i v e o f S a le s C o n t r a c t s )
_________________________ During th e Week E n d in g May 21 ♦ 1 9 2 4
B o sto n
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
Chicago
S t » L o u is
M in n e a p o lis
K ansas C ity
D a lla s
San F r a n c is c o
T o t a l s
GOVERNMENT SECURITIES
B a la n ce
Net
B alan ce
May
21
Change
May 14
BANKERS ACCEPTANCES
Net
B a lan ce
B a la n ce
Change
May
21
May 14
$ 2 5 ,7 5 6
7 2 ,6 8 5
2 8 ,5 3 0
$
3 7 ,6 7 5
5 ,1 2 5
54
4 9 ,2 3 2
6 ,9 6 6
2 2 ,0 1 6
1 9 ,8 7 9
2 2 ,1 8 8
33 j 278
$ 2 5 ,7 4 2
7 2 ,6 3 9
2 8 ,5 1 6
3 7 ,6 5 7
5 ,1 2 5
51
4 9 ,2 0 4
6 ,9 6 6
2 0 ,8 5 9
1 9 ,8 4 3
2 2 ,1 6 9
3 3 .2 6 2
14+
46+
14+
18+
0
3+
28+
0
1 ,1 5 7 +
36+
19+
16+
$ 4 ,8 4 9
6 ,0 6 7
4 ,8 3 7
8 ,0 9 6
1 ,6 8 0
3 ,5 3 0
9 ,7 7 7
2 ,7 2 3
1 ,8 4 4
1 ,6 9 9
2 ,4 9 8
5 ,3 5 8
$ 6 ,6 6 7
7 ,8 8 5
5 ,3 8 9
1 0 ,3 7 4
1 ,1 6 5
4 ,5 9 3
1 4 ,6 1 1
3 ,4 1 8
2 ,9 2 0
$ 1 ,8 1 8 1 ,8 1 8 5522 ,2 7 8 515+
1 ,0 6 3 4 ,8 3 4 6951 ,0 7 6 -
3 ,0 9 3
3 ,9 6 0
7 ,3 3 4
1 ,3 9 4 1 ,4 6 2 1 ,9 7 6 -
$ 3 2 3 ,3 8 4
$ 3 2 2 ,0 3 3
$ 1 ,3 5 1 +
$ 5 2 ,9 5 8
$ 7 1 ,4 0 9
$ 1 8 ,4 5 1 -
D E C L A S S IF IE D
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A uthority
-
,0. IC)SO f
2 ~
SECURITY MARKET
G en era l
Bond
M arket
The abundant su p p ly o f
covered by t h i s
in v e stm e n t
r e p o r t co n tin u e d t o b e r e f l e c t e d
demand f o r h ig h g ra d e bonds o f a l l
b an k s,
fu n d s d u rin g th e p e r io d
c la s s e s .
in su ra n c e com panies and t r u s t
in a broad and a c t i v e
Bonds l e g a l
funds were
f o r s a v in g s
in s tr o n g demand*
was a l s o h e a v y b u y in g o f p u b lic u t i l i t i e s ,
h ig h g ra d e
L i b e r t y L o an s,
s l i g h t l y h ig h e r l e v e l s *
p r ic e s
T ra d in g
in
and p r i c e s g e n e r a l l y
o f w hich advanced t o
There
i n d u s t r i a l s and
fo r e ig n governm ent bonds was m o d e ra te ly a c t i v e
fir m .
South American o b l i g a t i o n s
T here was b e t t e r demand than
e s p e c i a l l y A r g e n tin e
fo r m e r ly f o r
is s u e s .
New bond fin a n c in g d u rin g th e week en d in g May 23 t o t a l e d
0 9 1 ,0 0 0 ,0 0 0 ,
$ 3 7 ,0 0 0 ,0 0 0
a s compared w ith 0 2 4 ,0 0 0 ,0 0 0
f o r th e p r e c e d in g week and
f o r t h e c o r r e s p o n d in g week o f 1 9 2 3 .
o f t h e new o f f e r i n g s
c o n s is te d
o f r a ilr o a d
More th an t w o - t h i r d s
and s t a t e
and m u n ic ip a l
o b lig a tio n s .
L ib e r ty
Bond
Market
The o u ts ta n d in g
fe a tu r e
in th e
p e r io d w as th e h e a v y demand f o r a l l
On May 1 5 s a l e s
issu e s
o f 4 l/4% governm ent b o n d s.
on th e exchange a g g re g a te d $ 9 ,0 0 0 , 0 0 0 ,
th e l a r g e s t tu r n o v e r f o r any s i n g l e
Loan bonds w ere th e
im st a c t i v e .
day t h i s
year.
New peak p r i c e s
reach ed in a l l L i b e r t y L oans and re c o rd
ta b lis h e d
in v e stm e n t m arket d u rin g th e
fig u r e s
in T h ir d 4 l/4% and T re a s u r y 4 l / 4 $
c o n s titu tin g
Second and Fourth
f o r th e y e a r were
f o r a l l tim e were e s
a t 1 0 1 2 /3 2
and 1 0 2 2 2 /3 2
r e s p e c tiv e ly .
The f o llo w in g t a b l e
shows t h e h i g h e s t p r i c e s reach ed d u rin g
th e p e r io d a s compared w ith th e c l o s i n g p r i c e s on May 21 and th e y i e l d
r e tu r n b ased on p r e s e n t q u o ted p r i c e s :
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A uthority
-
3 C lo s e o f
H igh o f
P e rio d
F ir s t
F ir s t
Second
T h ird
Fourth
T reasu ry
New York
Market f o r
S h o r t-te r m
Governments
3
4
4
4
4
4
1 /S s
l/4 s
l/4 s
l/4 s
l /4 s
l/4 s
1 01
100
100
101
100
102
T ra d in g in
f a i r l y a c tiv e *
d e a le r s *
o ffe r in g
3*51$
4 .2 1
4 . 22
3 .9 7
4 .1 8
4 .1 0
101
1 0 0 2 6 /3 2
1 0 2 1 6 /3 2
w ith an e x c e l l e n t demand f o r a l l
p r ic e s *
is s u e s at
The su p p ly h a s been f a i r a lth o u g h d e a le r s
In o b ta in in g
su ffic ie n t
s e c u r itie s
demand*
The f o l l o w i n g t a b l e
c e r tific a te s
99 3 0 /3 2
1 0 0 1 7 /3 2
1 0 0 1 1 /3 2
2 /3 2
2 3 /3 2
1 7 /3 2
2 /3 2
2 8 /3 2
2 2 /3 2
have e x p e r ie n c e d some d i f f i c u l t y
s a t i s f y th e
Y ie ld
Mav 21
s h o r t -t e r m Government s e c u r i t i e s d u rin g th e p e r io d
h a s been
to
10 ^ 0
shows th e range in y i e l d
o f o u ts ta n d in g
and n o t e s a t p r e s e n t o f f e r i n g p r i c e s :
C e r tific a te s
»
and n o t e s m a tu rin g in 1 9 2 4 - - 2 .7 5 $ t o
«
»»
»
« 1 9 2 5 - - 3 .4 9
"
T re a su r y N o te s
"
"
"
n
"
«
1926 1927 -
-
3 .8 1
3 .9 1
"
”
2 .9 5 $
3 .7 7
3 .9 0
3 .9 5
BANKERS ACCEPTANCES
A b stra ct
o f R ep orts
from Banks
A m oderate
in c r e a s e
in th e
su p p ly o f b i l l s
d i s t r i c t was p r a c t i c a l l y o f f s e t by th e demand*
ra te s
in th e B o sto n
Owing t o lo w c a l l
some banks a re r e p o r te d t o be t u r n in g t o th e b i l l
put t h e i r s u r p lu s fu n d s t o u s e .
and c o n s i s t e d l a r g e l y
The demand was b e s t
m arket t o
from l o c a l banks
o f 6 0 and 9 0 day m a t u r i t i e s .
New Y ork t h e m arket d u rin g th e e a r l y p a r t o f th e p e r io d
was v e r y a c t i v e .
e x c e lle n t lo c a l
p o r tfo lio s
Under e x tr e m e ly e a s y money c o n d i t io n s t h e r e was an
demand.
The s u p p ly d im in ish e d and d e a le r s combined
reach ed t h e i r lo w a s t p o in t
fo llo w e d by a r a p id lo w e r in g
q u a n tity o f b i l l s
s i n c e O c to b e r 1 9 2 3 ,
o f r a t e s w hich b ro u g h t out a c o n s id e r a b le
b u t caused some s la c k e n in g
o f th e p e r io d d e a le r s *
T h is was
o f demand.
p o r t f o l i o s recovered t o
A t th e
c lo s e
an amount s l i g h t l y h ig h e r
I
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A uthority
th a n a t th e
c lo s e
m oderate a c t i v i t y
tio n
in r a t e s .
4 -
o f th e p r e v io u s week*
in t h e i r d i s t r i c t
P h i la d e lp h i a r e p o r t s o n ly
due t o
o ffic e s *
As i n d i c a t e d
re d u c tio n
in b i l l
su p p ly a s b e in g l e s s
in prim e b i l l s
from t h e i r
T here h a s been some h e s i t a t i o n n o t i c e a b l e
th e l o c a l banks in bu yin g b i l l s
R a te s
some e x t e n t t o t h e redu c
The C h icago bank r e p o r t s th e
th an th e demand, w ith d e a le r s b r in g in g
eastern
among
a t th e 3 $ r a te *
in our p r e v io u s r e p o r t ,
r a t e s d u rin g t h i s p e r io d ,
3 l/Q% and o f f e r i n g
,0 . I b S O l
t h e r e was a g ra d u a l
d e a le r s now b id d in g
a t 3% a l l m a t u r i t i e s up t o
and in c lu d in g 1 2 0 d a y s.
MONEY MARKET
R u lin g
R a te s
C a l l money c o n tin u e d
The a v era g e
3*08$,
in l a r g e
su p p ly th ro u g h o u t th e p e r io d *
r a t e a t w hich new lo a n s were made on th e Exchange was
a s compared w ith a r a t e o f 3 l/Z% f o r t h e p r e v io u s week*
Time money c o n tin u e d unchanged a t 4 $ f o r m a t u r i t i e s up t o
and in c lu d in g
was s l i g h t l y
fo u r months and 4 l / 4 $ f o r lo n g e r *
e a s ie r ,
th e p r e v a i l i n g
ra te
Commercial pap er
f o r prim e names b e in g 4 l / 4 $ *
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
At th e r e q u e s t o f th e T re a s u ry th e F e d e r a l R eserv e Bank
o f New York e f f e c t e d
p r i v a t e p u rc h a s e s o f T h ird L i b e r t y Loan 4 l / 4 $
bonds a g g r e g a tin g $ 3 5 ,0 0 0 ,0 0 0
f o r a c c o u n t "P u r c h a s e s
from S u rp lu s
Money in th e T r e a s u r y .”
M is c e lla n e o u s
A t th e r e q u e s t
o f th e T r e a s u r y th e F e d e r a l R eserve Bank
o f New York pu rchased $ 4 1 3 ,0 0 0 p a r amount T r e a s u r y Bonds o f 1 9 4 7 - 5 2 ,
a ccou n t Government L i f e
In su r a n c e Fund,
$ 4 8 9 , 500 s e r i e s T M -1925
c e r tific a te s
o f in d e b te d n e s s f o r a cco u n t o f th e I n t e r s t a t e
Commission -
R a ilr o a d
C o n tin g e n t Fund,
F ourth L i b e r t y Loan 4 l / 4 $
T e a c h e r s 1 R etirem e n t Fund.
and $ 1 9 ,7 5 0
bonds a cc o u n t D i s t r i c t
Commerce
fa c e amount
o f Colum bia
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority ifc , Q . /
-
5 -
SPECIAL INVESTMENT ACCOUNT FOR FEDERAL RESERVE SYSTEM
A pp ortion m en t o f U n ite d S t a t e s Government
s e c u r itie s
In v estm e n t A ccount f o r th e F e d e r a l R ese rv e System a t th e
amounted t o
S p e c ia l
o f b u s in e s s May 21
$ 2 4 7 ,5 9 3 ,3 0 0 as f o l l o w s :
C e rt,
B o sto n
New York
P h ila d e lp h i a
C le v e la n d
Richmond
A t la n t a
C hicago
S t . L o u is
M in n e a p o lis
K an sas C it y
D a lla s
San F ra n c isc o
o f In d .
B o sto n
New York
P h ila d e lp h i a
C le v e la n d
R ichnond
A tla n ta
Chicago
S t . L o u is
M in n e a p o lis
D a lla s
San F r a n c isc o
$
T r e a s u r y N otes
T o ta l
$ 5 ,1 9 6 ,5 0 0
1 6 ,7 4 2 , 0 0 0
2 ,3 7 4 ,5 0 0
6 ,0 2 5 ,0 0 0
9 7 2 ,5 0 0
0
1 0 ,0 6 2 , 5 0 0
1 ,8 3 0 ,0 0 0
4 ,2 0 2 ,5 0 0
2 ,8 3 8 , 5 0 0
2 ,6 3 5 ,5 0 0
5 .6 4 0 ,0 0 0
$ 1 7 ,0 0 0 , 0 0 0
5 4 ,7 4 1 , 0 0 0
8 ,7 4 2 ,8 0 0
1 9 ,7 0 3 , 5 0 0
2 , 8 1 1 ,7 0 0
& 2 2 ,1 9 6 ,6 0 0
7 1 ,4 8 3 , 0 0 0
1 1 ,1 1 7 , 3 0 0
2 5 ,7 2 8 ,5 0 0
3 ,7 8 4 ,2 0 0
0
3 2 ,9 1 1 , 8 0 0
5 ,1 3 5 ,8 0 0
8 ,6 9 3 ,7 0 0
8 ,7 3 4 ,9 0 0
1 2 ,1 5 2 , 1 0 0
1 8 .4 4 6 , 4 0 0
0
4 2 ,9 7 4 ,3 0 0
6 ,9 6 5 ,8 0 0
1 2 ,8 9 6 , 2 0 0
1 1 ,5 7 3 ,4 0 0
1 4 ,7 8 7 , 6 0 0
2 4 .0 8 6 ,4 0 0
^ 5 8 .5 1 9 .5 0 0
^ 1 8 9 ,0 7 3 ^ .8 0 0
£ 2 4 7 ,5 9 3 ,3 0 0
RECAPITULATION OF PURCHASES
Made By
Amount
c lo s e
h e ld i n th e
8 ,7 4 8 ,5 0 0
2 2 1 ,4 5 7 ,0 0 0
2 , 0 2 9 ,5 0 0
3 4 0 ,0 0 0
6 0 0 ,0 0 0
1 ,2 4 1 ,4 0 0
7 ,1 5 0 ,0 0 0
9 3 6 ,9 0 0
1 1 3 ,0 0 0
5 4 8 ,0 0 0
4 .4 2 9 . 0 0 0
RECAPITULATION OF PURCHASES BY MATURlTIF
June 15'- 1 6 ,
S e p t.
15,
15,
H oc.
March
15,
June
15,
D ec,
15,
March
15,
S e p t«
15,
March
15,
15,
D ec.
1924
192 4
1924
1925
1925
192 5
1926
1926
1927
1927
$ 2 3 ,4 6 2 ,7 0 0
3 1 ,0 1 0 ,5 0 0
2 3 ,7 5 5 ,5 0 0
6 9 ,1 3 0 ,0 0 0
2 3 ,3 5 2 ,7 0 0
2 5 ,1 8 8 ,0 0 0
1 2 ,2 9 0 , 6 0 0
6 ,8 1 0 ,0 0 0
2 4 ,0 1 2 ,0 0 0
8 ,5 8 1 .3 0 0
Q /
m xTxm m m
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A u t h o r i t y ;Q , /
-
C)SO f
6 -
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT
OF ALL FEDERAL RESERVE BANKS FROM MAY 1 5 TO MAY 2 1 . 1 9 2 4
___
GOVERNMENT SECURITIES
B o sto n
$ 1 4 ,5 0 0
P a rt* System I n v .T /N
New York
4 6 ,5 0 0
M
"
P h ila d e lp h ia
1 4 ,0 0 0
11
"
C le v e la n d
1 6 , 700 *
*
1*000
Issu e
Sales
Issu e
P u rch a ses
tt
H
«l
If
<!
II
0
H eld Under
S a le s C o n tr a c ts
$
1 3, 000
0
0
0
0
0
0
T J -1 9 2 4 C t f s .
$17. 700
A tla n ta
4 2 9 ,8 0 0
Chicago
2 7 ,9 0 0
St* L o u is
M is c , G o v H
4 2 6 ,5 0 0
Sec.
P a r t.S y s te m I n v .T /N
M is c .G o v H
5 ,0 0 0
4, 2 1 7 .1 5 0
A
Sec*
0
2 4 3 ,6 0 0
0
0
0
M in n e a p o lis
K ansas C i t y
0
0
Richmond
P a r t . System I n v .T /N
M is c . G o v H
3 ,0 6 4 ,9 0 0
M is c .G o v H
S e c , 1 ,0 0 0 , 000
Sec.
2 2 2 ,1 5 0
5 ,9 0 0
30* 0 0 0
P a r t.S y s te m I n v .T /
M is c . G o v H Sec#
n
$ 35*900
D a lla s
4 ,5 0 0
1 5 .0 0 0
P a r t . System In v * T /N
T J -1 9 2 4 C t f s .
S 3 -V 5 0 0
San F r a n c is c o
TOTALS
1 5 ,7 0 0
P a r t.S y s te m I n v .T /N
33. 49l,40tr
64, 843,650
iL iL s jk m
BANKERS ACCEPTANCES
M a tu r ity
Boston
1-30 days
PURCHASES
Amount
R ate
MATURITIES
Amount
$136,000
3 l/2%
$1,954, 000
H eld Under
S a le s C o n tr a c ts
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u th o r ity
-
jb S O )
7 -
BANKERS ACCEPTANCES (C o n tin u e d )
M a tu r ity
New York
1 - 3 0 days
6 1 -9 0
"
Over 90
"
PURCHASES
Amount
$ 4 6 2 ,0 0 0
2 4 ,0 0 0
6 ,0 0 0
R ate
& 1 /2 $ - 4 $
3 7 /8 $ - 4$
3 5 /8 $
MATURITIES
Amount
H e ld Under
S a le s C o n tr a c ts
£ 2 , 3 1 0 ,0 0 0
( $ 3 5 4 ,0 0 0
fo r e ig n
tr a d e b i l l s )
$ 4 9 2 .0 0 0
P h ila d e lp h ia
1 - 3 0 days
3 1 -6 0
"
6 1 -9 0
"
7 5 3 ,0 0 0
4 1 ,0 0 0
7 5 .0 0 0
3 1 /2 $
3 5 /8 $
3 5 /8 $
1 ,4 2 1 ,0 0 0
0
2 ,2 7 8 ,0 0 0
0 ,
£ 8 6 9 .0 0 0
C le v e la n d
Richmond
0
1 - 3 0 days
3 1 -6 0
"
6 1 -9 0
"
8 5 ,0 0 0
3 5 4 ,0 0 0
2 0 6 .0 0 0
3 3 /4 $
3 3 /4 $
3 3 /4 $
1 3 0 ,0 0 0
0
$ 6 4 5 ,0 0 0
A tla n ta
C h icago
S t* L o u is
M in n e a p o lis
K an sas C ity
D a lla s
0
1 ,0 6 3 ,0 0 0
In o th e r
d is tr ic ts
2 5 5 .0 0 0
3 3 /4 $ -
4$
5 .0 8 9 .0 0 0
0
I n o th e r
d is tr ic ts
1 0 4 .0 0 0
3 3 /4 $ -
4$
7 9 9 .0 0 0
0
I n o th e r
d is tr ic ts
1 0 6 .0 0 0
3 3 /4 $ -
4$
1 .1 8 2 .0 0 0
0
I n o th e r
d is tr ic ts
1 0 0 .0 0 0
3 3 /4 $ -
4$
1 . 4 9 4 .0 0 0
0
20,000
3 1 /2 $
3 1 /2 $ 3 3 /4 $
1 - 3 0 days
3 1 -6 0
”
In o th e r
d is tr ic ts
3 0 .0 0 0
1 2 8 .0 0 0
3 3 /4 $
1 - 3 0 days
In o th e r
d is tr ic ts
7 0 .0 0 0
1 0 8 ,0 0 0
1 . 4 6 4 .0 0 0
1 7 6 .0 0 0
0
S o ld t o
M em .Bks,
£ 1 ,6 4 0 ,0 0 0
£ 1 7 8 .0 0 0
San F r a n c is c o
( 1 ,7 0 9 , 0 0 0 Unin
d o rse d b i l l s pur
c h a sed from
a c c e p tin g b a n k s)
3 1 /4 $
3 3 /4 $ -
2 .1 5 4 .0 0 0
6 7 1 ,0 0 0
£21.514.000
$2,734,000
4$
1 1 7 8 .0 0 0
TOTALS
£3.063.000
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A u t h o r i t y ;Q .
/£ ) S O f
s'**.
Fe d e r a l R e s e r v e
o f
N
e w
Y
A
Ba n k
%J
o r k
Open Market Investment Committee
for the Federal Reserve System
m y 2 0f
CONFIDENTIAL
i 924
S i r :
Enclosed i s a report o f tran saction s in Govern
ment s e c u r itie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System for the period from May 8 to May 14, 1924 in c lu s iv e ,
together with data received by the Committee from the
Federal reserve banks.
R e sp e c tfu lly ,
fj
W. B. Matteson
Secretary of the Committee
Honorable D. R. C rissin g er,
Governor, Federal Reserve Board,
Washington, D. C.
Enclosure
y
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
10 . I C) S O t
CONFIDENTIAL
YiEEKLY REPORT OF OPEN MARKET INVE 5TMENT COMMITTEE COVERING PERIOD
_________________ MAY 8 TO MAY 1 4 , 1 9 2 4 ( I N C L U S I V E ) _________________
Com parison o f H o ld in g s o f E arn in g A s s e t s by F e d e r a l R eserve Banks
from March 2 8 , 1 92 3 t o May 1 4 , 1 9 2 4
(0 0 0 O m itte d )
TOTAL
EARNING
ASSETS
•1923March 28
A p r i l 25
May
29
June
27
J u ly
25
Aug.
29
S e p t . 26
O ct.
31
N ov .
28
D ec.
26
-1 9 2 4 *
Jan.
30
Feb,
27
March 26
A p r i l 30
May
H
♦GOVERNMENT
SECURITIES
$ 1 ,2 0 3 , 7 2 0
7
14
$ 2 4 9 ,4 0 9
1 9 3 ,8 1 0
l f 1 0 4 ,4 8 9
1 , 1 7 8 ,1 5 6
1 ,1 1 4 ,2 1 9
1 ,0 3 3 ,6 9 7
1 ,0 8 2 ,5 5 3
1 , 1 2 6 ,3 3 4
1 ,1 8 0 ,6 5 2
1 ,1 6 7 ,9 9 9
1 ,2 9 7 ,7 7 5
1 8 9 ,2 8 8
1 3 4 ,9 7 6
9 6 ,2 8 4
9 3 ,5 3 0
9 1 ,8 8 5
9 1 ,8 3 7
8 4 ,4 6 0
1 0 4 ,1 5 8
9 1 4 ,8 8 1
9 5 0 ,8 0 1
9 4 2 ,0 8 0
1 2 0 ,7 7 2
1 5 5 ,8 0 1
2 5 7 ,2 5 6
3 0 1 ,6 6 0
3 1 0 ,8 8 2
3 2 3 ,1 6 4
8 7 3 ,3 8 1
8 3 8 ,5 0 5
8 1 0 ,2 5 7
$ 2 3 4 ,6 3 6
2 6 5 ,1 9 3
2 3 1 ,0 1 5
1 7 3 ,6 9 4
1 5 5 ,8 1 7
1 5 2 ,0 9 5
1 5 1 ,7 2 8
1 6 5 ,0 6 4
2 4 4 ,1 3 6
2 8 8 ,0 2 8
$ 1 9 ,6 1 5
8 ,8 4 8
2 6 ,8 0 3
3 0 ,5 3 1
2 1 ,0 4 7
2 1 ,3 9 0
2 3 5 ,9 3 0
2 0 5 ,0 2 2
1 6 4 ,9 4 7
1 0 2 ,8 0 0
8 3 ,5 2 5
7 1 ,4 0 9
3 5 ,8 6 2
5 8 ,2 8 8
3 7 ,5 1 1
2 1 ,6 8 5
3 ,7 6 2
3 ,9 5 2
* I n c lu d e s s a l e s
NOTE:
E a rn in g a s s e t s o f t h e
t o t a l o f $ 8 1 0 , 2 5 7 ,0 0 0 .
Net
d iffe r e n t
$ 7 0 0 s0 60
6 3 6 ,6 3 8
7 3 1 ,0 5 0
7 7 4 ,9 5 3
7 6 0 ,5 3 9
8 1 5 ,5 1 8
8 6 2 ,0 0 8
8 8 3 ,8 0 0
2 0 ,3 9 6
3 9 ,6 3 4
4 4 ,8 6 8
4 8 ,3 8 7
7 9 4 ,3 8 1
8 5 7 ,1 5 1
5 2 2 ,3 0 7
5 3 1 ,6 9 0
4 8 2 ,3 1 5
4 4 7 ,1 8 5
4 4 0 ,2 8 5
4 1 1 ,1 8 1
c o n tr a c t s
System d e c re a se d 0 2 8 ,2 4 8 ,0 0 0
changes in th e
BILLS
DISCOUNTEI
BANKERS ACCEPTANCES
S a le s
P u rch a ses
C o n tr a c ts
du ring th e week t o
a
c l a s s e s are shown below *
Changes in H o ld in g s o f Government S e c u r i t i e s and Bankers A c c e p ta n c e s
by F e d e r a l R ese rv e Banks ( E x c lu s iv e o f S a le s C o n t r a c t s )
D uring Week Ending May 1 4 , 1 9 2 4
...( 0 00 O m itte d )
B o sto n
New York
P h i la d e lp h ia
C le v e la n d
Richmond
A t la n t a
Chicago
S t . L o u is
M in n e a p o lis
K ansas C ity
D a lla s
San F ra n c isc o
TOTAL
GOVERNMENT SECURITIES
Net
B a la n ce
B a la n c e
Change
May 7
Mav 1 4
B a la n c e
$ 2 5 ,7 4 2
$ 6 ,6 6 7
$ 7 ,5 4 6
7 ,8 8 5
5 ,3 8 9
1 0 ,3 7 4
1 ,1 6 5
4 ,5 9 3
1 4 ,6 1 1
3 ,4 1 8
2 ,9 2 0
3 ,0 9 3
3 ,9 6 0
9 ,6 3 6
4 ,8 1 1
1 2 ,3 7 6
1 ,0 2 5
5 ,4 0 0
1 6 ,9 7 2
3 ,8 3 6
3 ,3 9 9
4 ,1 0 4
5 , 303
7 ,3 3 4
..9 ,1 1 7
$71,409
$83.525
7 2 ,6 3 9
2 8 ,5 1 6
3 7 ,6 5 7
5 ,1 2 5
51
4 9 ,2 0 4
6 ,9 6 6
2 0 ,8 5 9
1 9 ,8 4 3
2 2 ,1 6 9
3 3 .2 6 2
£322,033
$ 2 4 ,6 1 5
6 9 ,0 1 1
2 7 ,4 2 4
3 6 ,3 5 3
5 ,1 2 5
1 03
4 7 ,0 3 2
6 ,9 6 6
1 9 ,9 4 9
1 9 ,3 8 5
2 1 ,8 1 6
3 2 ,0 4 0
1309,819
$ 1 ,1 2 7 +
3 ,6 2 8 +
1 ,0 9 2 +
1 ,3 0 4 +
0
522 ,1 7 2 +
0
910 +
45 8 +
353+
1 ,2 2 2 -+
$12,214+
bankers
May
14
acceptances
Net
Change
B a la n ce
Mav 7
$
8791 ,7 5 1 578+
2 ,0 0 2 140+
8072 ,3 6 1 4184791 ,0 1 1 1 ,3 4 3 1 .7 8 3 -
Reproduced from the Unclassified / Declassified Holdings of the National Archives
-------------------- v
m
Authority
js s m
m
,0 . IC )$ 0 1
—2 —
SECURITY MARKET
General
Bond
Market
Accompanying fu rth er easing of money rates there was
renewed a c t iv it y and g en erally higher p ric e s in the bond market dur
ing the period covered by t h is report.
High grade ra ilro a d bonds
reached new high p ric e s f o r the year and there was pronounced
strength in pu blic u t i l i t y issu e s of gas,
e le c t r ic and power v a r ie tie s .
In the foreign group demand was l e s s active than during
recent previous weeks*
F raction al lo s s e s were recorded in some Eur
opean government o b lig a tio n s accompanying a decline in exchange rates.
New bond financing during the week ending May 16 to ta le d
o24,000f 000 as compared with § 4 6 ,0 0 0 ,0 0 0 fo r the preceding week.
Among the new o ffe r in g s was an issu e of § 1 ,0 0 0 , 000 farm loan bonds,
the balance being f a i r l y w ell d istrib u te d among sta te and municipal,
public u t i l i t y ,
Liberty
Bond
Market
and in d u str ia l groups.
Trading in L ib erty bonds was the outstanding feature of the
investment market during the period,
such tran saction s on the Stock
Exchange c o n stitu tin g more than on e-th ird of the t o t a l sa le s of bonds
of a l l c la s s e s .
The Fourth 4 l / 4 s were in b e s t demand and sold at
4
on e-h alf p oin t above par.
Treasury bonds of 1952 estab lish ed a new
record fig u re of 102 2 /3 2 ,
The fo llow in g tab le shows the p ric e s of a ctiv e Government
bonds a t the c lo se of the l a s t two periods and the y ie ld b a s is :
Close' of
May 7 / 2 4
F ir s t
3
4
Second
4
Third
4
Fourth
4
Treasury 4
1 /2 *
l /4 s
l/4 s
l/4 s
l/4 s
l /4 s
99
100
100
100
100
101
2 6 /3 2
10/32
5 /3 2
2 1 /32
13/32
2 8 /3 2
Close of
May 1 4 /2 4
Y ield
99
100
100
100
100
102
3 .51
4.23
4.23
4. 05
4 .2 1
4 .1 4
3 1 /3 2
13/32
10/32
2 5 /32
16/32
2 /3 2
—
5
Reproduced from the Unclassified / Declassified Holdings of the National Archives
;Q. / Q£> O f
Authority
New York
M arket f o r
Sh ort-T erm
Governments
The
su p p ly o f s h o r t -t e r m Government s e c u r i t i e s
m ark et c o n tin u e d s m a ll.
h e l d fir m
range in
3 -
T ra d in g was in m od erate volum e and p r i c e s
a t th e peak o f th e y e a r .
y ie ld
of
in the
The f o l l o w i n g t a b le
o u ts ta n d in g c e r t i f i c a t e s
shows the
of in d b te d n e s s and T r e a s
u r y N o te s a t p r e s e n t q u oted p r ic e s ,.
C e r tific a te s
"
and n o t e s m a tu rin g d u rin g y e a r 1 9 2 4 - - - 2 . 63$ t o 3 .1 0 $
«
»
"
"
»
1 9 2 5 ----------3 .6 4 $ "
3 .8 C $
T reasu ry n o te s
”
"
”
"
n
"
1 9 2 6 - - - 3 .8 7 $ "
1 9 2 7 ---------- 3. 98$ ”
3 .9 3 $
3.
R e p o r ts r e c e i v e d from a l l F e d e r a l r e s e r v e bank s i n d i c a t e a
S y n o p sis
o f R ep orts
from Banks
"
"
good demand f o r Government s e c u r i t i e s
b u t the
s u p p ly appeared t o be somewhat l i m i t e d .
advanced s e v e r a l t h i r t y - s e c o n d s ,
4 l/4 s
in p r a c t i c a l l y a l l
and T r e a s u r y bonds.
in s titu tio n a l
s e llin g
P r ic e s
d is tr ic ts
of
some i s s u e s
the l a r g e s t g a in s b e in g in th e T h ir d
In some d i s t r i c t s
o f Second 4 l / 4 s
th e r e was e v id en ce
of
and b u yin g o f F ourth 4 l / 4 s
in
rep la cem en t.
BANKERS ACCEPTANCES
A b stra ct
o f R ep o rts
from Banks
B oston
r e p o r t s th e
f i c i e n t t o m eet th e demand,
l i m i t e d number of b u y e r s .
su p p ly o f b i l l s
a lth o u g h th e
l o c a l l y was n o t s u f
demand was c o n fin e d t o a
B i l l s m a tu r in g up t o 6 0 days s o ld b e s t .
New York a good demand f o r b i l l s ,
a te
su p p ly ,
fo lio s .
r e s u l t e d in a s l i g h t d e c r e a s e
O f f e r i n g s t o th e F e d e r a l
P h i l a d e lp h i a
week w ith
i n g s t o th e
re p o rts a f a i r l y
a g g re g a te p o r t
a c t i v e b i l l m ark et d u rin g the
S h o rt m a t u r i t i e s
o f 3 0 days oj.*
th e b u y in g b e in g m o s t l y from i n t e r i o r bank s.
O ffe r
r e s e r v e bank were n e g l i g i b l e .
C h icago th e
fo r b i l l s
d e a le r s *
r e s e r v e bank were p r a c t i c a l l y n i l .
demand good and su p p ly f a i r .
l e s s moved b e s t ,
in
c o u p le d w ith a moder
su p p ly was s m a ll b u t demand good,
o f s h o r t m a t u r it y .
e s p e c ia lly
Reproduced from the Unclassified / Declassified Holdings of the National Archives
;Q. / C)SC) I
A uthority
R a tes
D e a le r s *
itie s
up t o
o ffe r in g
4 ~
ra te s
con tin u ed a t 3 l/2% f o r a l l matur
and in c lu d in g 1 2 0 d a y s .
th e r e h a s been a g ra d u a l
May 20 b id d in g
3 l/4 $
r e d u c tio n
and o f f e r i n g
S in ce th e c lo s e
in b i l l
ra te s,
o f t h i s p e r io d
th e d e a l e r s on
a t 3 l/8% f o r a l l m a t u r i t i e s up
t o 1 2 0 d a y s,
MONEY MARKET
R u lin g
R ates
C a l l money c o n tin u e d th ro u g h o u t th e p e r io d a t a f l a t
o f 3 1/2% a f i g u r e
May 2 ,
from w hich t h e r e h a s been l i t t l e
Time money was s l i g h t l y
e a s ie r .
L oan s up t o
v a r ia tio n
th e lo w e s t r a t e
tio n
Com m ercial pap er c o n tin u e d t o
f o r prim e names a lth o u g h an in c r e a s e
banks a t 4 l / 4 $ ,
and o c c a s io n a l
s in c e
fo u r months*
m a tu r ity were made a t 4 $ ,
s in c e A u gu st 1 9 2 2 ,
r a te
f o r t h i s kin d o f accommoda
r u le a t 4 l/2%
o f s a l e s was re p o r te d t o
in te r io r
s a le s at 4%
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
A t th e
r e q u e s t o f th e T r e a s u r y th e F e d e r a l R eserv e Bank
o f New York e f f e c t e d
Loan 4 l / 4 $
a p r i v a t e pu rch a se
bonds a cc o u n t "P u r c h a s e s
T r e a s u r y ," and a p r i v a t e
s a le
o f 0 1 5 ,0 0 0 ,0 0 0 T h ird L i b e r t y
from S u rp lu s Moneys in th e
o f 0 1 7 ,5 0 0 ,0 0 0 Fourth L i b e r t y Loan
4 l / 4 $ bonds f o r accou n t o f th e "B o a rd
o f T ru ste e s,
P o s t a l S a v in g s
S y s t e m ,"
M is c e lla n e o u s
The F e d e r a l R eserv e Bank o f New Y o rk ,
th e T r e a s u r y ,
pu rchased
at th e req u est o f
0 1 * 0 5 9 ,0 0 0 p a r amount T r e a s u r y bonds o f
1947*-52 f o r a cc o u n t o f th e Government L i f e I n s u
s e r i e s T M -1925 c e r t i f i c a t e s
of
sta te
R a ilr o a d
Commerce Commission -
dnce Fund,
0 2 ,9 0 0 , 500
in d e b te d n e s s f o r a cc o u n t o f th e I n t e r
C o n tin g e n t Fund and 0 2 5 ,0 0 0
s e r i e s B -1 9 2 6 T re a su ry N o te s f o r a cco u n t o f th o H ard in g M em orial
A s s o c ia tio n ,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A uthority ^
-
,0. IC)SO f
5 -
SPECIAL INVESTMENT ACCOUNT FOR FEDERAL RESERVE SYSTEM
A pp ortion m en t o f U n ite d S t a t e s Government s e c u r i t i e s h e ld
S p e c ia l In v e stm e n t A ccoun t
f o r th e F e d e r a l R ese rv e System a t th e c lo s e
b u s in e s s May 1 4 amounted t o
C e rt,
o f In d .
T r e a s u r y N o te s
T o ta l
& 5 ,1 9 6 ,5 0 0
1 6 , 7 4 2 ,0 0 0
2 ,3 7 4 ,5 0 0
6 ,0 2 5 , 0 0 0
9 7 2 ,5 0 0
0
1 0 , 0 6 2 , 500
1 , 8 3 0 ,0 0 0
4 , 2 0 2 , 500
2 , 8 3 8 , 500
2 , 6 3 5 , 500
5, 6 4 0 .0 0 0
§ 1 6 ,9 8 5 , 6 00
54, 6 9 5 , 2 00
8 , 7 2 8 ,8 0 0
1 9 , 6 8 6 , 800
2, 811, 700
0
3 2 , 8 8 3 , 9 00
5 ,1 3 5 , 800
8 ,6 8 8 , 7 00
8, 7 2 9 , 000
1 2 ,1 4 7 , 6 0 0
1 8 , 4 3 0 , 7 00
0 2 2 ,1 8 2 * 1 0 0
7 1 ,4 3 7 , 200
1 1 ,1 0 3 , 3 0 0
2 5 , 7 1 1 , 800
3, 7 8 4 , 200
0
4 2 ,9 4 6 , 4 0 0
6 ,9 6 5, 800
1 2 , 8 9 1 ,2 0 0
1 1 , 567, 500
1 4 , 7 8 3 ,1 0 0
2 4 .0 7 0 , 7 0 0
T o t a l s
$ 5 8 , 5 19 , 500
$ 1 8 8 ,9 2 3 . 800
$ 2 4 7 , 4 4 3 . 300
RECAPITULATION OF PURCHASES
Made By
Amount
of
0 2 4 7 ,4 4 3 ,3 0 0 a s f o l l o w s :
B oston
New York
P h ila d e lp h i a
C le v e la n d
Richmond
A tla n ta
C hicago
S t . L o u is
M in n e a p o lis
K an sas C it y
D a lla s
San F r a n c is c o
B oston
New York
P h ila d e lp h i a
C le v e la n d
Richmond
A tla n ta
C h icago
S t . L o u is
M in n e a p o lis
D a lla s
San F r a n c is c o
in th e
$. 8 ,7 4 8 , 500
2 2 1 ,3 0 7 ,0 0 0
2 , 029* 500
340*000
6 0 0 ,0 0 0
1 ,2 4 1 ,4 0 0
7 ,1 5 0 , 0 0 0
9 3 6 ,9 0 0
1 1 3 , 000
548, 000
4, 4 2 9 , 0 00
8 2 4 7 ,4 4 3 , 300
RECAPITULATION OF PURCHASES BY MATURITIES
June 15--1 6 ,
15,
S e p t.
15,
Dec*.
15,
March
15,
June
Dec..
15,
15,
March
S ep t*
15,
'March
15,
15,
D ec.
1924
1-924
1924
1925
1925
1925
192 6
1926
1927
1927
$ 2 3 ,4 6 2 , 7 0 0
3 0 , 8 6 0 , 500
2 3 , 7 5 5 , 500
6 9 ,1 3 0 , 0 00
2 3 ,3 5 2 , 700
2 5 ,1 8 8 , 0 00
1 2 , 2 9 0 , 6 00
6, 8 1 0 , 0 00
2 4 , 0 1 2 ,0 0 0
@ >581, 300
0 2 4 7 ,4 4 3 , 300
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u th orityj ^ ; Q . /
-
6 -
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT
_ ________ OF ALL FEDERAL RESERVE BANKS PROM MAY 8 t o MAY 1 4 . 1 9 2 4
GOVERNMENT SECURITIES
P u rch a ses
B o sto n
$
Issu e
S a le s
2 2 7 ,5 0 0 P a rt
r t** System I n v . C / l
it
,i
.«
t /N
899 .7 0 0
Issu e
H eld Under
S a le s C o n tr a c ts
0
$
1 2 ,9 5 0
$X,JL27 > 0 0
New York
732 ,0 0 0 P a rt •
tt
2 . 8 9 6 t600
«
tt
T/N
$ 3 ,6 2 8 , 6 0 0
P h ila d e lp h ia
2 2 0 ,0 0 0 P a rt •
«t
8 7 1 T6 0 0
T/N
§ 1 . 0 9 1 ,6 0 0
C le v e la n d
2 6 3 ,5 0 0 P a r t .
JL.Q4P.300
i»
"
T/N
,i U 3 0 3 i4.800
Richmond
A tla n ta
C h ic a g o
0
0
0
1 4 2 ,6 5 0 M isc
is c ** G o v 't
S ec*
1 9 5 ,0 5 0 M isc*G o v , t
4 3 8 ,5 0 0 P a r t . System I n v * C / I
tt
"
"
T/N
1 .7 3 3 t 700
Sec«
0
0
1 1 8 ,0 0 0
$2 ,1 7 2 ,2 0 0
S t . L o u is
M in n e a p o lis
0
2 ,0
,0 5 1 ,4 5 0 M
s c .* Gov’ t
Miisc
7 8 ,0 0 0 P a r t *
tt
3 0 9 .3 0 0
Sec.
i v . C /I
«
t/N
$ 2 T4 3 8 t 750
K ansas C i t y
9 2 ,5 0 0 P a r t*
365 r6 00
w
&458,100
System I n v . C / l
”
"
T/N
1 , 5 2 9 , 0 5 0 M isc .G o v 't
S ec* 1 ,0 0 0 , 0 0 0
I
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u th ority4^
;Q.
/£
)SO t
- 7 GOVEPNMENT SECURITIES -(CONTINUED)
P u rch a ses
D a lla s
Issu e
$ 7 1 ,5 0 0 P a r t.
2 8 1 .2 0 0
Issu e
S a le s
H e ld Under
S a le s C o n tr a c ts
System In v .
C /l
T/N
-0 -
-0 -
System In v .
,f
”
c /l
-0 -
-0 -
"
$352. 700
San F r a n c is c o
2 4 6 ,5 0 0 P a r t,
9 7 4 t 700
”
T /N
£ l . 2 2 1 .2 0 0
T O T A L S
M a tu r ity
1 - 3 0 days
w
3 1 -6 0
6 1 -9 0
B oston
£ l . 1 30 . 9 50
£ l . 7 2 4 ,1 0 0
£13. 9 3 6 .8 0 0
BANKERS ACCEPTANCES PURCHASED
MATURITIES
PURCHASES
Amount
Amount
Rate
0 1 5 9 ,0 0 0
122, 000
8 0 . 000
3 5 /8/c
3 3 /4 $
3 3 /4 °
**\
-
0 3 / 4/0
-
3
-
3 l/sfo
£ 1 ,2 4 0 ,0 0 0
H eld Under
S a le s Con tr a c ts
£1, 3 3 0 , 0 00
1 / 8%
$ 3 6 1 .0 0 0
New York
1 - 3 0 days
tt
3 1 -6 0
H
6 1 -9 0
Over
9 0 fl
•
P h i la d e lp h ia
1 - 3 0 days
it
3 1 -6 0
it
6 1 -9 0
4 5 5 ,0 0 0
40, 0 0 0
4 7 ,0 0 0
21. 000
3
3 3 / 4$
3 3/ 4/
3 3 / 4/
2 ,3 1 4 ,0 0 0
-
3
-
3 1/8%
( 5 3 0 ,0 0 0 f o r
e ig n tr a d e
b ills )
£ 5 6 3 .0 0 0
1 ,9 9 4 , 0 0 0
1 2 5 ,0 0 0
48. 0 0 0
3 5/8% 3 3 /$
3 s/4
3 3 /f "
1 ,5 8 9 ,0 0 0
-0 -
2 ,0 0 2 . 0 00
- 0-
9 0 ,0 0 0
-0 -
£ 2 ,1 6 7 . 0 0 0
C le v e la n d
-
Richmond
1 -3 0
3 1 -6 0
6 1 -9 0
-0 days
it
1 6 0 , 0 00
4 5 ,0 0 0
2 5 .0 0 0
-
3 3/ 4
3 3 / 4/
3 3 /4 /0
£ 2 3 0 .0 0 0
Atlanta
59,000
8 ^ 6 ,0 0 0
( 1 , 3 3 7 , 0 00
U nindorsed
M i l s purchaeei
from a c c e p tin g
banks)
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A u t h o r i t y .0 .
IC)SO f
8 -
BANKERS ACCEPTANCES PURCHASED -
MATURITIES
Amount
PURCHASES
C h ic a g o
(C o n t in u e d )
M a t u r it y
Amount
R a te
6 1 -9 0 days
In o th e r
d is tr ic ts
$200 ,000
200 .000
3 , ,
3 3 /4 $
0 2 ,7 6 1 ,000
5 0 .0 0 0
3 3 /4 $
4 6 8 ,0 0 0
5 7 9 ,0 0 0
H eld Under
S a le s C o n t r a c t ?
O l60 .0 0 0
0 4 0 0 ,0 0 0
S t . L o u is
In o th e r
d is tr ic ts
M in n e a p o lis
In o th e r
d is tr ic ts
1 0 0 .0 0 0
3 3 /4 /o
K ansas C i t y
In o th e r
d is tr ic ts
1 0 0 .0 0 0
3 3 /4
D a lla s
1 - 3 0 days
3 1 -6 0 "
1 6 .0 0 0
1 4 .0 0 0
15 0 ,000
3 3 /4 $
3 3 /4 /o
3 3 /4
In o th e r
d is tr ic ts
%
%
$180 ,000
San F ra n c isc o
1 - 3 0 days
In o th e r
d is tr ic ts
4 8 .0 0 0
7 5 .0 0 0
1 ,1 1 1 ,0 0 0
1 ,4 6 3 ,0 0 0
6 0 ,0 0 0
0
S o ld to
Mem *Bks *
Ol .5 2 3 .0 0 0
3 7 /8 /o
3 3 /4 /
1 ,9 0 6 ,0 0 0
59 5*000
$16 ,449 ,000
0 3 ,9 5 2 ,0 0 0
0123.OOO
T O T A L S
$ 4 ,3 3 3 ,0 0 0
---------- w s rp m m s —
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority
33 /
May 1 4 , 1 9 2 4 .
L
r-
A ' «\’ A
t£2&S\\
Deer Mr* Mattesons
I acknowledge r e c e ip t o f your l e t t e r o f
the 13th in s t a n t, addressed to Governor O r iss in g e r , en closin g rep o rt o f tran saction s in
Government s e o u r itie s and bankers acceptances
as reported t o the Open Market Investment Com
m ittee fo r the Federal Reserve System fo r th e
period from May 1 to May 7 , 1924, in c lu s iv e ,
together with data received by the Committee
from the Federal Reserve Banks*
Very tr u ly yours,
(Signed) Walter ti. m s
Walter L. Eddy,
Secretary*
Mr. W. 3 . Mattes on, Secretary,
Open Market Investment Committee,
c /o Federal Reserve Bank,
Kew York, N.Y.
.0. f £)SO /
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A u th ority
Fe d e r a l R e s e r v e
o f
N
e w
Y
Ba n k
o r k
Open Market Investment C o m itte e
for the Federal Reserve System
May 13, 1924
CONFIDENTIAL
S i r :
Enclosed i s a report of tran saction s in Govern
ment s e c u r itie s and bankers acceptances as reported to the
Open Market Investment Committee fo r the Federal Reserve
System fo r the period from May
1 to
May 7 , 1924 in c lu s iv e ,
together with data received by the Committee from the
Federal reserve banks«
R esp ectfu lly
W. B. Matteeon
.
...
Secretary of the Committee
Honorable D. R. C rissin g er,
Governor, Federal Reserve Board
Washington, D. C*
Enclosure
c
4^ ,0. / C)SO f
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
,0,
( ( 3 5 0 I
C O N F I D E N T I A L
WEEKLY REPORT OF OPEN MARKET INVESTMENT COMMITTEE COVERING PERIOD
________ _____________ MAY I TO MAY 7 , 1 9 2 4 (INCLUSIVE)_____________ __________
Com parison o f H o ld in g s o f E a rn in g A s s e t s b y F e d e r a l R eserv e Banks
from March 2 8 , 1 9 2 3 t o Mav 7 , 1 9 2 4 ______________________
(0 0 0 O m itte d )
TOTAL
EARNING
ASSETS
-1 9 2 3 March 28
A p r il 25
29
May
June
27
25
J u ly
Aug.
29
Sept# 26
Oct#
31
Nov*
28
Dec*
26
-1 9 2 4 Jan*
30
Feb*
27
March 26
Apr*
30
7
May
♦GOVERNMENT
SECURITIES
_________
BANKERS ACCEPTANCES
S a le s
P u rch a ses
C o n tr a c ts
BILLS
DISCOUNTED
________ _
$ 1 ,2 0 3 , 720
1 , 1 0 4 ,4 8 9
1 , 1 7 8 ,1 5 6
1 ,1 1 4 , 2 1 9
1 , 0 3 3 , 6 97
1 ,0 8 2 ,5 5 3
1 ,1 2 6 ,3 3 4
1 , 1 8 0 ,6 5 2
1 ,1 6 7 ,9 9 9
1 ,2 9 7 , 775
^ 2 4 9 ,4 0 9
1 9 3 , 810
1 8 9 ,2 8 8
1 3 4 ,9 7 6
9 6 ,2 6 4
9 3 , 530
9 1 ,8 8 5
9 1 ,8 3 7
8 4 , 460
1 0 4 ,1 5 8
0 2 3 4 ,6 3 6
2 6 5 ,1 9 3
2 3 1 ,0 1 5
1 7 3 ,6 9 4
1 5 5 , 817
1 5 2 ,0 9 5
1 5 1 ,7 2 8
1 6 5 ,0 6 4
2 4 4 ,1 3 6
2 8 8 ,0 2 8
0 1 9 ,6 1 5
8 , 848
2 6 ,8 0 3
3 0 ,5 3 1
2 1 ,0 4 7
2 1 ,3 9 0
2 0 ,3 9 6
3 9 ,6 3 4
4 4 ,8 6 8
4 8 , 3 87
0 7 0 0 ,0 6 0
6 3 6 ,6 3 8
7 3 1 ,0 5 0
7 7 4 ,9 6 3
7 6 0 ,5 3 9
8 1 5 ,5 1 8
8 6 2 ,0 0 8
8 8 3 ,8 0 0
7 9 4 , 381
8 5 7 ,1 5 1
9 1 4 , 881
9 5 0 ,8 0 1
9 4 2 ,0 8 0
8 7 3 ,3 8 1
1 2 0 ,7 7 2
1 5 5 , 801
2 5 7 , 256
3 0 1 ,6 6 0
3 1 0 ,8 8 2
2 3 5 ,9 3 0
2 0 5 ,0 2 2
1 6 4 ,9 4 7
1 0 2 ,8 0 0
8 3 , 525
3 5 , 862
5 8 ,2 8 8
3 7 , 511
2 1 ,6 8 5
3 , 762
522, 307
5 3 1 ,6 9 0
4 8 2 , 315
4 4 7 ,1 8 5
4 4 0 ,2 8 5
8 3 8 , 505
♦ I n c lu d e s s a l e s c o n t r a c t s
NOTE: E a rn in g a s s e t s o f th e System d e c re a se d $ 3 4 , 8 7 6 , 0 0 0 d u rin g t h e week t o a
t o t a l o f $ 8 3 8 ,5 0 5 ,0 0 0 *
N et changes in th e d i f f e r e n t c l a s s e s a re shown below *
Changes in H o ld in g s o f Government S e c u r i t i e s and Bankers A c c e p ta n c e s
by F e d e r a l R e se rv e Banks ( E x c lu s i v e o f S a l e s C o n t r a c t s )
D u rin g Week E nding Mav 7 , 1 9 2 4
---------------------------------------------- ^
' (boo o S t S d T “ --------------- :
GOVERNMENT SECURITIES
B a la n ce
B a la n ce
Mav
B o sto n
New York
P h ila d e lp h ia
C le v e la n d
Richmond
A t la n t a
Chicago
S t* L o u is
M in n e a p o lis
K an sas C it y
D a lla s
San F r a n c is c o
T O T A L
7
0 2 4 ,6 1 5
6 9 ,0 1 1
2 7 ,4 2 4
3 6 ,3 5 3
5 ,1 2 5
103
4 7 ,0 3 2
6 , 966
1 9 , 949
Ajer*.J£>
$ .2 3 ,5 3 8
1 9 ,3 8 5
2 1 , 816
3 2 .0 4 0
6 5 , 547
2 6 ,3 8 2
3 5 ,0 9 8
5 ,1 2 5
108
4 4 ,9 5 7
6 ,9 6 6
2 1 ,3 7 3
1 8 , 792
2 1 ,4 8 0
3 0 .8 7 3
0 3 0 9 ,8 1 9
0 3 0 0 .2 3 9
N et
Change
BANKERS ACCEPTANCES
B a la n ce
B a la n ce
Apr* 30
Mav
7
N et
Change
0 1 ,0 7 7 +
3 ,4 6 4 +
1 ,0 4 2 +
1 ,2 5 5 +
0
5—
2 ,0 7 5 +
0
1 ,4 2 4 593+
336+
1 .1 6 7 +
0 7 ,5 4 6
9 ,6 3 6
4 ,8 1 1
1 2 , 376
1 ,0 2 5
5 ,4 0 0
1 6 ,9 7 2
3 , 836
3 ,3 9 9
4 ,1 0 4
5 , 303
0
9 ,1 8 4
1 1 ,2 8 1
7 ,0 7 9
1 3 ,6 7 2
2 ,0 5 8
5, 563
2 0 ,2 5 6
4 , 241
3 ,7 3 1
4 , 887
1 0 ,1 7 8
1 0 .6 7 0
0 1, 6381 ,6 4 5 2 ,2 6 8 1, 2961 ,0 3 3 1633 , 284*'
4053327834 ,8 7 5 1. 553-
0 9 . 580+
3 3 3 . 525
0 1 0 2 .8 0 0
0 1 9 .2 7 5 -
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A uthority
2
-
lfc;D, IC)50l
-
SECURITY MARKET .
General
The e a s y money c o n d it io n s p r e v a i l i n g d u rin g th e p e r io d
Bond
Market
c o v e re d by t h i s r e p o r t
c o n tin u e d t o be r e f l e c t e d
t h e t r a d i n g b e in g c e n te r e d c h i e f l y
bonds o f t h e
h ig h e r c la s s #
i n th e bond m a r k e t,
in Government s e c u r i t i e s and o th e r
P r i c e s o f h ig h grade r a i l r o a d o b l i g a t i o n s
were a t t o p l e v e l s o f th e y e a r .
phone i s s u e s , were a c t i v e a t
P u b lic u t i l i t y
h ig h e r p r i c e s *
bond s, e s p e c ia lly t e l e
The a v era g e
p r ic e
o f 40
c o r p o r a t io n b o n d s, c o m p ile d by Dow, J o n e s & Company, re a ch ed th e h ig h
e st le v e l
s in c e February 1 9 2 3 .
New bond fin a n c in g
c o m p a r a tiv e ly s m a ll a g g r e g a tin g # 4 6 , 0 0 0 , 0 0 0 .
o ffe r in g s
c o n s is te d o f s ta te
d u rin g th e week was
The m a jo r p a r t o f th e
and m u n ic ip a l and p u b li c u t i l i t y
European o b l i g a t i o n s were m o d e ra te ly a c t i v e
g e n e r a ll y
fir m a t th e l e v e l s
a c t i v i t y th a n u su a l
o f t h e p r e v io u s w eek.
in some o f th e
and p r i c e s
h e ld
There was more
Sou th Am erican i s s u e s , e s p e c i a l l y
B o l i v i a n b o n d s , w hich advanced t o new h ig h p r i c e s
L ib e r ty
Bond
Market
is s u e s .
f o r th e y e a r .
A l l L ib e r t y bonds e s t a b l i s h e d new peak p r i c e s f o r th e y e a r
e a r l y i n th e p e r io d but s u b s e q u e n tly e a s e d o f f t o
le v e ls
o f th e p r e v io u s w eek .
a p p ro x im a te ly t h e
The t a x exempt 3 l / 2 s
to u c h e d par and
o th e r L i b e r t y s advanced from a q u a r te r t o more th a n h a l f a p o i n t .
The T re a su ry bonds o f 1 9 5 2 s o l d a t a r e c o r d f i g u r e o f 1 0 2 .
The f o llo w i n g t a b l e
th e p e r io d and th e
shows th e h ig h e s t p r i c e s rea ch ed d u rin g
c l o s i n g p r i c e s on May 7 :
High o f
P e r io d
F ir s t
3
"
4
Second 4
T h ir d
4
F ou rth
4
T reasu ry4
New York
Market f o r
S h o r t-te r m
Governments
1 /2 s
l /4 s
l/4 e
l /4 s
l/4 s
l/4 s
100
1 00
100
100
100
102
C lo s e o f
May 7
.
1 8 /3 2
1 5 /3 2
2 2 /3 2
2 0 /3 2
99
100
100
100
100
101
2 6 /3 2
1 0 /3 2
5 /3 2
2 1 /3 2
1 3 /3 2
2 8 /3 2 .
The p r e v a i l i n g e a s y money c o n d i t io n s were a l s o
in a f u r t h e r
in c r e a s e
^ 2
to
^
in th e p r i c e
5 /3 2 .
r e fle c te d
o f s h o r t -t e r m Government s e c u r i t i e s
C e r t i f i c a t e s and n o t e s m a tu rin g t h i s
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Authority
-
la r g e ly
in th e
I£ )S O f
3 -
y e a r a re now quoted a t p r i c e s t o y i e l d
from 1 9 2 5 t o 1 9 2 7
,0.
from 3 .6 9 $ t o 4 $ .
2*60$ to
3 ,1 8 $ and m a t u r i t i e s
The in v e stm e n t demand c e n te re d
i s s u e s m atu rin g a f t e r 1 9 2 4 b u t th e
su p p ly in th e m arket
was sm a ll*
S y n o p s is
o f R ep o rts
from Banks
R e p o rts r e c e iv e d , from o t h e r r e s e r v e banks i n d i c a t e
m arket f o r a l l
o f 't h e
is s u e s
o f Government s e c u r i t i e s
p e rio d w ith p r i c e s
th e T h ir d s w hich h e ld
and c lo s e d
at p r ic e s
d u rin g th e e a r l y p a r t
s u b s t a n t ia lly h ig h e r .
fir m th r o u g h o u t,
an a c t i v e
W ith th e e x c e p tio n o f
L i b e r t y Loans r e a c te d
s lig h tly
ra n gin g from 5 /3 2 n d s t o 1 3 /3 2 n d s above th o s e o f
th e p r e v io u s p e rio d #
BANKERS ACCEPTANCES
A b stra ct
o f R ep o rts
from Banks
B o sto n
r e p o r t s t h a t under e a s y money c o n d it io n s th e demand
fo r b i l l s
d u rin g th e p e rio d exceed ed th e su p p ly by a c o m fo r ta b le amount.
Some f a i r
s iz e d
to m a tu r itie s .
io d e c re a se d
o r d e r s were
O ffe r in g s t o
in th e m arket w ith o u t s p e c i a l p r e fe r e n c e
th e r e s e r v e bank were l i g h t
p o r tfo l
somewhat.
New York th e b i l l
week#
and i t s
as
m arket was f a i r l y
The su p p ly showed a s l i g h t
s u b ta n tia lly .
T h is r e s u l t e d
q u ie t th ro u g h o u t th e
in c r e a s e bu t th e demand f e l l
in a m oderate
in c r e a s e
in
o ff
d e a le r s *
ag
g re g a te p o r t f o l i o s .
P h i la d e lp h i a r e p o r t s t h a t t r a d i n g
in th e b i l l m arket was
somewhat more a c t i v e th a n d u rin g th e p r e v io u s week*
f a i r and th e
demand was e s p e c i a l l y
s tr o n g
f o r 3 0 -d a y b i l l s .
cre a se d b u y in g was e v id e n c e d by i n t e r i o r bank s and t o
by l o c a l
in s titu tio n s #
The su p p ly was
In
a s li g h t e x ten t
O f f e r i n g s t o t h e r e s e r v e bank w ere compar
a tiv e ly li g h t ,
C h ica go t h e demand f o r b i l l s was good b u t th e
su p p ly was
sm a ll*
R ates
b id
D e a le r s reduced t h e i r b i l l
and 3 3/22$ o f f e r e d
ra te s
d u rin g th e
p e r io d t o
3 5 /8 $
f o r a l l m a t u r i t i e s up t o and in c lu d in g 1 2 0 d a y s .
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u th ority
-
X ,0. IC)SC) I
4 -
MONEY MARKET
R u lin g
R ates
C a ll money
after openin g and renew ing a t 4 l /4 /o
s u b s e q u e n tly dropped by i n t e r v a l s
th a t fig u r e
a v erag e
to 3 l / 2 $
th ro u g h o u t the rem ain in g s i x
and was m a in ta in e d a t
days o f
the p e r io d .
The
r a te a t w hich new lo a n s were made on the Exchange was 3 .5 5 /0 ,
a s compared w ith 3 * 8 0 $ f o r
the p r e v io u s week.
Time money was s l i g h t l y
made a t 4$ and 4 l / 4 $
e a s ie r ,
lo a n s up t o 6 0 days b e in g
f o r lo n g e r matu r i t i e s .
com m ercial p ap er c o n tin u e d a t 4 l / 2 $
s a le s
on May 1
to i n t e r i o r banks were
The
r u lin g
r a te
fo r
f o r prime names a lth o u g h some
r e p o r te d a t 4 l / 4 $ .
OPERATIONS FOR ACCOUNT OF UNITED STATES TREASURY
A t the
requ est of
the T r e a s u r y the F e d e r a l R eserve Bank
o f New York e f f e c t e d a p r i v a t e pu rch a se
L ib e r t y Loan 4 l / 4 $
th e T r e a s u r y ,"
Loan 4 l / 4 $
of
£10, 0 0 0 , 0 0 0 T h ir d
bonds a c c o u n t "P u r c h a s e s from S u rp lu s Moneys in
and a p r i v a t e
s a le
bonds f o r a c c o u n t o f
of 0 1 ,7 3 0 , 0 0 0 F ourth L ib e r t y
the "B o a r d o f T r u s t e e s ,
P o sta l
i n g s S y ste m .”
M is c e lla n e o u s
The F e d e r a l R eserve Bank o f New York,
o f the T r e a su ry ,
1 9 4 7 -5 2
a t th e r e q u e s t
p u rch a sed $ 2 8 6 ,0 0 0 p a r amount T r e a s u r y bonds o f
f o r a c c o u n t o f th e Government L i f e
£'100, 0 0 0 s e r i e s B -1 9 2 6 T r e a s u r y N o te s
In su ra n ce Fund,
f o r a cc o u n t o f th e H arding
M em orial A s s o c i a t i o n and 0 6 0 3 ,0 0 0 s e r i e s TM -1925 c e r t i f i c a t e s
in d e b te d n e s s
f o r a c c o u n t o f the I n t e r s t a t e
R a ilr o a d C o n tin g e n t Fund.
of
Commerce Commission -
Sav
D E C L A S S IF IE D
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Authority
ip, 0 . (C)S
- 5 -
SPECIAL INVESTMENT ACCOUNT FOR FEDERAL RESERVE SYSTEM
A p p ortion m en t o f U n ite d S t a t e s Government s e c u r i t i e s h e ld
S p e c ia l In v e stm e n t A ccou n t
in
f o r th e F e d e r a l R ese rv e System a t th e c lo s e
of
b u s in e s s May 7 was a s f o l l o w s :
C e rt,
B oston
New York
T re a su ry N o te s
T o ta l
1 6 ,0 1 0 ,0 0 0
2 ,1 5 4 , 500
5 ,7 6 1 , 500
9 7 2 ,5 0 0
0
9 ,6 2 4 ,0 0 0
1 ,8 3 0 ,0 0 0
4 ,1 2 4 , 500
2 ,7 4 6 ,0 0 0
2, 5 6 4 ,0 0 0
5 .3 9 3 .5 0 0
0 1 6 ,0 8 5 , 900
51, 7 9 8 ,6 0 0
7 , 8 5 7 ,2 0 0
1 8 , 6 4 6 ,5 0 0
2 ,8 1 1 , 7 0 0
0
3 1 ,1 5 0 , 2 00
5 ,1 3 5 , 800
8 , 3 7 9 , 4 00
8 , 3 6 3 ,4 0 0
1 1 , 8 6 6 ,4 0 0
1 7 .4 5 6 , 0 0 0
0 2 1 ,0 5 4 ,9 0 0
6 7 , 8 0 8 , 600
1 0 , O i l , 700
2 4 , 4 0 8 ,0 0 0
3 , 7 8 4 ,2 0 0
0
4 0 ,7 7 4 ,2 0 0
6 ,9 6 5 , 800
1 2 ,5 0 3 , 9 0 0
1 1 ,1 0 9 , 4 0 0
1 4 ,4 3 0 ,4 0 0
2 2 ,8 4 9 ,5 0 0
$ 5 6 ,1 4 9 , 500
1 1 7 9 , 5 5 1 ,1 0 0
$ 2 3 5 ,7 0 0 * 6 0 0
$ 4 , 9 6 9 ,0 0 0
P h i la d e lp h ia
C le v e la n d
Richmond
A t la n t a
C h icago
S t . L o u is
M inn eapol i s
K an sas C it y
D a lla s
San F r a n c is c o
T o t a l s
o f Ind>
RECAPITULATION OF PURCHASES
Amount
RECAPITULATION OF PURCHASES BY MATURITIES
M M ?.B y .
B o sto n
New Y ork
P h i l a d e lp h i a
C le v e la n d
Richmond
A tla n ta
C h icago
St* L o u is
M in n e a p o lis
D a lla s
San F r a n c is c o
$
8, 7 4 8 , 500
2 1 2 ,3 0 7 , 0 0 0
2 ,0 2 9 , 5 00
3 4 0 ,0 0 0
6 0 0 ,0 0 0
1 ,1 7 4 , 7 0 0
7 ,1 5 0 ,0 0 0
9 1 1 ,9 0 0
1 1 3 ,0 0 0
2 6 3 ,0 0 0
2 ,0 6 3 , 0 0 0
June 1 5 - 1 6 ,1 9 2 4
S e p t,
1 5 ,1 9 2 4
Dec*
1 5 ,1 9 2 4
March
1 5 ,1 9 2 5
June
1 5 ,1 9 2 5
Dec#
1 5 ,1 9 2 5
March
1 5 ,1 9 2 6
S e p t*
1 5 ,1 9 2 6
March
1 5 ,1 9 2 7
1 5 ,1 9 2 7
Dec#
0 1 9 ,4 0 0 , 2 0 0
3 0 ,8 6 0 , 5 0 0
2 2 ,5 6 9 ,0 0 0
6 8 , 9 8 4 , 000
2 2 ,0 0 5 , 700
2 5 ,1 8 8 ,0 0 0
1 2 , 2 9 0 , 6 00
6 , 8 1 0 ,0 0 0
2 1 ,0 1 1 ,5 0 0
6 ,5 8 1 .1 0 0
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A uthority
,Q . I b S Q l
- 6
ITEMIZED STATEMENT OF TRANSACTIONS AFFECTING THE INVESTMENT ACCOUNT OF
- ----------- -------ALL FEDERAL RESERVE BANKS FROM MAY ! TO MAY 7 . 1 9 2 4 _________
GOVERNMENT SECURITIES
P u rch a ses
B oston
$
1 1 ,5 0 0
1 . 0 6 5 .0 0 0
S a le s
Is s u e
P art*
"
System In v,
”
"
C /l
T /N
Part*
"
System In v .
”
11
t/ n
Issu e
H eld Under
S a le s C o n tr a c ts
1 3 , 0 00
0
0 7 6 .5 0 0
New York
3 6 ,5 0 0
3 .4 2 8 ,000
C /l
£3. 4 6 4 . 5 0 0
P h ila d e lp h ia
1 1 ,0 0 0
1 .0 3 1 .7 0 0
P a r t,
"
System In v , C / l
"
"
T/fo
0
0 1 .0 4 2 . 7 0 0
C le v e la n d
1 3 ,5 0 0
1 ,2 3 1 ,5 0 0
1 0.
.000
.......... »'||
tJkm
.... Mi
P a r t.
System In v .
”
A -1 9 2 4 N otes
C /l
T /N
$ 1 .2 5 5 T0 0 0
Richmond
0
A t la n t a
1 9 3 ,7 5 0
M isc ,
G o v 't Sec,
C h ica g o
2 2 ,5 0 0
2 t 0 5 2 .4 0 0
P a rt.
System In v ,
1 9 7 ,8 5 0 M is c . Gov* t
C /l
0
Sec,
49, 0 00
T/fc
0 7 4 .9 0 0
St*
L o u is
M in n e a p o lis
^
Kansas C it y
4 ,0 0 0
P a r t.
System Inv*
C / l 3 ,3 0 2 , 7 5 0 M isc.G o v * t
3 6 6 ,2 0 0
2 1 IQ 8T4 0 0
”
M is c .
”
G ovTt
T /n
"
Sec,,
478^ 6 0 ,0
4 , 5 0 0 P a r t.
4 3 2 ,7 0 0
"
1 5 5 .5 0 0 M is c .
$ 5 9 2 .7 0 0
System In v.
"
V
G o v H Sec.
C /l
T /R
S e c .1 ,0 0 0 ,0 0 0
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A u th o r ity
,Q. / £)SO I
- 7 GOVERNMENT SECURITIES Issu e
P u rch a ses
D a lla s
$
4 ,0 0 0
3 3 2 ,8 0 0
(C o n tin u e d )
S a le s
P a r t.S y s te m I n v . c / l
Issu e
H eld Under
S a l e s Contracts
0
T/tt
"
$ 3 3 6 .8 0 0
San F r a n c is c o
1 2 , 500
I » I 53,700
P a r tf System l n v « c / l
"
"
"
T/fa
S i , 0 6 2 .0 0 0
S 4 .1 0 0 , 600
T 0 T A L S ^1 3 ‘ 6 81« 650
BANKERS ACCEPTANCES PURCHASED
B oston
New York
M a tu r ity
PURCHASES
Amount
I t 30 days
$
1 *- 33 0 days
3 1 -6 0
H
6 1 -9 0
w
O ver 90
"
4 4 7 ,0 0 0
1 ,. 8 0 7 , 0 0 0
5 8 .0 0 0
2 2 5 ,0 0 0
1 0 .0 0 0
Rate
3 5 /8 $ 33
3
3
3
3 3 /4 $
33 / /44 $# -- 33 77/B%
/8 $
3 /4 $ - 4 $
3 /8 $ - 4$
3 /4 $
MATURITIES
Amount
$ 2 ,0 8 5 ,0 0 0
3 ,7 4 5 ,0 0 0
H eld Under
S a le s C o n tr a c ts
$ 1 1 1 ,0 0 0
( 8 9 1 ,0 0 0 f o r e i g n
tra d e b i l l s )
i L . i QQiQpQ
P h i la d e lp h i a
1 - 3 0 days
3 1 -6 0
"
6 1 -9 0
"
3 8 7 .0 0 0
5 0 ,0 0 0
1 0 0 .0 0 0
3 5 /8 $
3 3 /4 $
3 3 /4 $
2 ,8 0 5 ,0 0 0
$ 5 3 7 ,OOQ
C le v e la n d
1 - 3 0 days
I n o th e r
d is tr ic ts
3 7 5 .0 0 0
6 6 6 .0 0 0
3 3 /4 $ 3 3 /4 $ -
3 7 /8 $
3 7 /8 $
2 , 3 3 7 ,0 0 0
S i . 04 1. ooo
Richmond
A tla n ta
C h icago
1 ,0 3 3 ,0 0 0
0
4 6 1 ,0 0 0
2 9 8 ,0 0 0
1 - 3 0 days
In o th e r
d is tr ic ts
3 0 ,0 0 0
1 ^ 1 5 6 ,0 0 0
t t , 186 , 000,
3 3 /4 $
? 3 /4 $ -
4 , 4 7 0 ,0 0 0
3 7 /8 $
( 1 , 8 9 9 , 0 0 0 Unin
d o rsed b i l l s
pu rchased from
a c c e p tin g b a n k s)
6 0 ,0 0 0
Reproduced from the Unclassified / Declassified Holdings of the National Archives
A u th ority^
BANKERS ACCEPTANCES PURCHASED -
S t.
L o u is
M a tu r ity
PURCHASES
Amount
In o th e r
|
3 3 2 ,0 0 0
3 3 /4 $
-
3 7 /8 $
3 13 , 000
3 3 /4 $ -
3 7 /8 $
3 9 6 ,0 0 0
3 3 /4 $ -
3 7 /8 %
1 6 .0 0 0
7 8 .0 0 0
614. 000
3 7 /8 $
3 7 /8 $
3 3 /4 $
§
H eld Under
S a le s C o n tr a c ts
7 3 7 ,0 0 0
d is tr ic ts
M in n e a p o lis
In o th e r
6 4 5 ,0 0 0
d is tr ic ts
K ansas C it y
In o th e r
1 ,1 7 9 ,0 0 0
d is tr ic ts
D a lla s
1 - 3 0 days
3 1 -6 0
”
In o th e r
d is tr ic ts
5 , 472, 000
-
3 7 /8 $
San F r a n c is c o
1 - 3 0 days
In o th e r
d is tr ic ts
2 2 7 ,0 0 0
6 0 6 .0 0 0
1 1 1 .000
S o ld t a
Mem. Bks
5 . 5 8 3 .0 0 0
$ 7 0 8 .0 0 0
3 7 /8 $
3 3 /4 $
4 1 /8 $
3 7 /8 $
§ ,3 8 6 ,0 0 0
801, 000
$ 2 7 ,4 6 6 , 0 00
$ $ ,7 6 2 , 0 0 0
$ 8 3 3 r 0 00
T O T A L S
$ 8 ,1 9 1 , 0 0 0
IC )S O f
(C o n tin u e d )
MATURITIES
Amount
Rate
,0 .
@FedFRASER